# Tax Refund



## jamesbe (May 8, 2010)

WOOT!

Accountant filed my taxes on March 21st. I got my refund today! Wow that was fast! Considering I did not have direct deposit setup yet, they had to enter it etc. The government is working faster than usual haha.

This is the first time in YEARS I've gotten a refund and it is substantial because I put a huge lump into my RRSPs.


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## Rico (Jan 27, 2011)

My return was processed at light speed this year - between Netfile and Direct Deposit it was only a matter of days.


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## kcowan (Jul 1, 2010)

So put it in a TFSA right away. Congratulations.


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## jamesbe (May 8, 2010)

kcowan said:


> So put it in a TFSA right away. Congratulations.


Unfortunately it goes back to them in payment for my HST as part of my business


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## OptsyEagle (Nov 29, 2009)

jamesbe said:


> Unfortunately it goes back to them in payment for my HST as part of my business


I sure wish CRA would go public so I could buy their stock.


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## the-royal-mail (Dec 11, 2009)

My taxes were done about a month ago. The refund came via cheque in the mail. I am not comfortable sharing my bank information with anyone unless 100% necessary. Esp the gov't. Better for them to have to mail me a cheque, rather than for them to manage my account details in their database. The cheque arrived about 2 weeks after the taxes were filed electronically. It was a nice surprise this year, thanks to medical expenses it would seem.


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## ghostryder (Apr 5, 2009)

jamesbe said:


> Unfortunately it goes back to them in payment for my HST as part of my business





You mean the HST you collected from your customers (that didn't belong to you in the first place) that you have to remit (less your input tax credits of course)?


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## ghostryder (Apr 5, 2009)

OptsyEagle said:


> I sure wish CRA would go public so I could buy their stock.




Why? No only do they not even keep the money they collect, they don't even pay dividends.


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## Eclectic12 (Oct 20, 2010)

the-royal-mail said:


> My taxes were done about a month ago. The refund came via cheque in the mail. I am not comfortable sharing my bank information with anyone unless 100% necessary. Esp the gov't. Better for them to have to mail me a cheque, rather than for them to manage my account details in their database. The cheque arrived about 2 weeks after the taxes were filed electronically. It was a nice surprise this year, thanks to medical expenses it would seem.


Hmmmm ... I suspect the bank is legally required to report to CRA for the T5 forms, though I'm not sure how often. If so, your secret is not much of a secret.

Case in point - when I had a flood that destroyed some bank T5's, CRA said "no problem, we'll mail you copies", instead waiting for the bank to get around to it.


Cheers


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## jamesbe (May 8, 2010)

ghostryder said:


> You mean the HST you collected from your customers (that didn't belong to you in the first place) that you have to remit (less your input tax credits of course)?


Yes.


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## Hipster (May 17, 2011)

*Income Tax Refund*

Is it possible NOT to have income tax automatically taken from one's pay cheque? Just wondering, because I pay about 1,200 mthly in tax, and after RRSP contributions, usually have a refund of about 7K or so at the end of the year. Closer to mid-April 2012 really..

I would prefer to break even at tax time, or close to it. That's 1,200 mthly I could be investing between now and then. 

Someone must have thought of that already. May I have an opinion?

thx


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## King Tut (May 3, 2009)

Royal Mail, I think the government knows your bank account details anyway, so save the 2 weeks and get your return in a matter of days!


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## kcowan (Jul 1, 2010)

There is a form you can complete that will reduce your deductions at source to any level you wish. I had to complete it when I had one of those tax deferrals LP schemes. Then I had to submit quarterly payments until I got them to restore deductions at source.

(BTW if you pay what they demand on the quarterly statements, you will not pay penalties and interest on capital gains or other windfalls.)


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## Eclectic12 (Oct 20, 2010)

Hipster said:


> Is it possible NOT to have income tax automatically taken from one's pay cheque? Just wondering, because I pay about 1,200 mthly in tax, and after RRSP contributions, usually have a refund of about 7K or so at the end of the year. Closer to mid-April 2012 really..
> 
> I would prefer to break even at tax time, or close to it. That's 1,200 mthly I could be investing between now and then.
> 
> ...


The form is a T1213 "Request to Reduce Tax Deductions at Source for Year(s) _____"

Canada Revenue Agency web link: http://www.cra-arc.gc.ca/E/pbg/tf/t1213/


You have to be up to date on your taxes for both filing and nothing owing.
As well, only certain types of deductions are eligible.

The most common situations I've heard of are either RRSPs or Charitable contributions.

Note that to have everything approved and ready to go for 2012, the paperwork should be sent to CRA no later than Nov 2011.


Cheers


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## sprocket1200 (Aug 21, 2009)

yes, fill the form out fast. getting a refund is the worst possible thing that can happen to you!


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## Eclectic12 (Oct 20, 2010)

sprocket1200 said:


> yes, fill the form out fast. getting a refund is the worst possible thing that can happen to you!


Hmmm ... I'd qualify that. 

If the refund is small, say $100 - I'm not sure I'd worry about it. 

If it is large, like $12K, receiving it during the year is better!


IMO, the key is knowing there is any option. Too many are not aware or will not consider it.


... to each his/her own.



Cheers


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