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 refund if you have paid more taxes over the year for your tax bracket. This is issued as a tax refund.
  • To give back, return, or repay (typically money).

Synonyms
rebate, return

Related Terms and Acronyms

  • Cash Refund Annuity Definition,
    • An annuity that refunds any remaining balance to the beneficiaries or the annuitant's estate when the annuitant dies.
  • Deductions Definition,
    • Expenses the government allows you to subtract from your taxable income. If you have taxable income of $31,000 and deductions of $4,000, then you would figure how much tax you owe on the difference -- $27,000.
  • Electronic Filing (NETFILE, EF) Acronym, Very Important,
    • Taxpayers can now file their tax information with personal computers and tax preparation software. The information goes directly to Revenue Canada and they can directly deposit refunds into the taxpayer's bank account.
  • Income Tax Definition,
    • The main source of revenue for the federal government and many Provinces. The tax is based on your earned and unearned income. The amount or percentage taxed is based on the amount of income, using the governments graduated tax scale.
  • Non-Forfeiture Clause Definition,
    • A clause that allows a policyholder to receive partial or full benefits and/or a refund of premiums if the policy lapses due to unpaid premiums.
  • 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.
  • Rebate Definition,
    • A manufacturer's reduction on the price of a car as an incentive to buyers. Rebates appeal to people with no credit or less-than-perfect credit who cannot qualify for the lowest-rate loan. A rebate may also appeal to first-time buyers who don't have a lot of cash for a down payment or another car to trade in.
  • Tax Refund Definition,
    • To receive money back from the government.
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