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

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.
Compare. Calculate. Apply today.
Compare Mortgage RatesMortgage CalculatorsApply for a Mortgage