Tax Refund

Definition

  • The excess of your withholding and estimated tax payments for the year that you paid over your tax liability. The Federal Government then issues a tax refund if you paid more taxes over the year for your tax bracket.

Synonyms
Revenue Canada refund, federal tax refund, federal tax reimbursement, federal cheque

Related Terms and Acronyms

  • Filing Extension Definition,
    • An additional amount of time to file your return. A filing extension, however, does not give you more time to pay your taxes.
  • Non-refundable Credit Definition,
    • Tax credits reduce your tax liability dollar-for-dollar. Non-refundable credits can get your tax bill down to zero.
  • Notice of Assessment (NOA) Acronym, Canada, Important,
    • A form the federal government issues when personal taxes are complete. A notice of assessment shows a breakdown of the given years income along with the balance owing or refund.
    Canada Revenue Agency's T451 tax form.
  • Refund Definition,
    • To give back, return, or repay.
  • Short Tax Year Definition,
    • A tax period less than 12 months long, resulting from a business start-up or the transition to a tax year ending on a different date.
  • Underpayment Penalty Definition,
    • A penalty for not paying enough total estimated tax and withholding. You can avoid underpayment penalties by paying a percentage amount of last year's tax due or of the current year's expected tax due. You may pay the taxes in combined estimated and withholding tax payments.
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