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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Tax Refund


Synonyms:Revenue Canada refund, federal cheque, federal tax refund, federal tax reimbursement
Filed Under: financial-banking, taxation
Tags: banking, taxes
 

Definition of tax refund

tax refund
1. 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.

Related Terms and Acronyms:

  • filing extension   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   Tax credits reduce your tax liability dollar-for-dollar. Non-refundable credits can get your tax bill down to zero.
  • Notice of Assessment (NOA)   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   To give back, return, or repay.
  • short tax year   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   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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