Will you get money back or owe the CRA? Enter your income and the income tax already deducted from your pay (box 22 of your T4) to find out.
How a tax refund happens
A refund is simply the difference between the tax withheld from your pay during the year and the tax you actually owe once credits and deductions are applied. Withholding is based on estimates, so the gap is common, especially if you contributed to an RRSP or FHSA, had several jobs, or paid tuition, medical or childcare expenses.
Common reasons you owe money
- Two or more employers each withheld tax as if they were your only job.
- Self-employment, rental or investment income with no tax withheld.
- Large capital gains or RRSP withdrawals during the year.
Ways to increase your refund
- Contribute to your RRSP before the deadline (60 days after year-end) and claim it. Test the effect with our RRSP calculator.
- Open an FHSA if you are a first-time buyer.
- Claim childcare, moving, union dues, medical expenses and charitable donations.
When will I get it?
The CRA usually sends refunds within about two weeks for returns filed online with direct deposit, and around eight weeks for paper returns. The filing deadline for most people is April 30.
FAQ
Where is box 22?
On your T4 slip, box 22 shows income tax deducted. Add the box 22 amounts from all your T4s. Quebec residents also have an RL-1 slip for Quebec tax.
Is a big refund good?
It means you overpaid during the year. Some people prefer a smaller refund and higher paycheques.