What to do if you ex­pect a re­fund

The Glengarry News - - Money Matters -

Are you ex­pect­ing a re­fund this year? You can get a re­fund if you paid too much tax through­out the year, paid more in­stal­ments than nec­es­sary or claimed more re­fund­able cred­its than the to­tal taxes you owed. There are two ways to check the sta­tus of your re­fund. By In­ter­net, use My Ac­count. If you are not regis­tered to use My Ac­count, you can get im­me­di­ate ac­cess to your re­fund in­for­ma­tion us­ing the Quick Ac­cess ser­vice.

By au­to­mated phone ser­vice: Call the Tax In­for­ma­tion Phone Ser­vice (TIPS) at 1-800-267-6999.

If your to­tal payable on line 435 of your re­turn is less than your to­tal cred­its (line 482), the dif­fer­ence is your re­fund on line 484.

Gen­er­ally, if the dif­fer­ence is $2 or less, you will not get a re­fund. The Canada Rev­enue Agency (CRA) usu­ally pro­cesses pa­per re­turns in four to six weeks.

The CRA will start to process re­turns in mid-Fe­bru­ary; wait un­til mid-March to call, even if you filed your re­turn in Jan­uary.

If you filed your re­turn on or be­fore April 15, wait four weeks be­fore you call.

If you filed your re­turn af­ter April 15, wait six weeks be­fore you call.

You can choose to have your tax re­fund de­posited di­rectly into your ac­count at your fi­nan­cial in­sti­tu­tion in Canada.

For more in­for­ma­tion, go to the CRA web­page on re­funds.

Sign up for di­rect de­posit and save your­self a trip to the bank.

By 2016, the Govern­ment of Canada will be phas­ing out cheques in favour of di­rect de­posit for all govern­ment pay­ments. To get ready for this change, the govern­ment is en­cour­ag­ing all Cana­di­ans to sign up for di­rect de­posit now. With this stan­dard pay­ment method, you will get your money faster and there is no risk that your pay­ments will be lost or de­layed. Re­quest di­rect de­posit and your money will al­ways be in your bank ac­count on time. Go to www.cra.gc.ca/di­rect­de­posit to sign up.

Did you know?

Even if you have no in­come to report, you should still file your in­come tax and ben­e­fit re­turn to be el­i­gi­ble to re­ceive cer­tain tax cred­its and ben­e­fits on time.

El­i­gi­bil­ity for cer­tain ben­e­fit pay­ments is based on in­for­ma­tion from your yearly tax re­turn. If you don’t file your in­come tax and ben­e­fit re­turn, you could miss out on these cred­its and ben­e­fits. For ex­am­ple:

-- the goods and ser­vices tax/har­mo­nized sales tax (GST/HST) credit and in­te­grated pro­vin­cial and ter­ri­to­rial pro­grams;

-- the Canada child tax ben­e­fit (CCTB) and in­te­grated pro­vin­cial and ter­ri­to­rial pro­grams. If you have a spouse or com­mon-law part­ner, they must also file a re­turn for you to re­ceive your ben­e­fit pay­ment; and the univer­sal child care ben­e­fit (UCCB).

Keep any re­ceipts and doc­u­ments for at least six years. If the Canada Rev­enue Agency (CRA) re­views your re­turn, you will need your re­ceipts to sup­port your claims.

For in­for­ma­tion on how to re­quest di­rect de­posit, go to www.cra.gc.ca/di­rect­de­posit.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.