I was an employee for half of the year, and started my own business full-time for the 2nd half of the year. So far I have only inputted my self-employed income and expenses.
I have not paid any income tax yet in 2014. It is all end-of-year.
It is telling me that I am going to get a 1,000 refund. How can this be possible if I haven't even paid anything in? Doesn't seem right. I can understand how if I have enough deductibles, it could lower it, even to 0 could be possible I imagine, but getting a refund? Huh?
Thanks
It is possible that you are entitled to the working income tax benefit. This benefit is for low-income individuals and families who have earned income from employment or business. TurboTax automatically calculates this benefit if you are eligible based on the information you have provided. For more info please see http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns409-485/453-eng.html You should be aware that this benefit may be reduced or disallowed once you enter your T4 earnings and finish completing the rest of your return because of the income threshold for this benefit..
It is possible that you are entitled to the working income tax benefit. This benefit is for low-income individuals and families who have earned income from employment or business. TurboTax automatically calculates this benefit if you are eligible based on the information you have provided. For more info please see http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns409-485/453-eng.html You should be aware that this benefit may be reduced or disallowed once you enter your T4 earnings and finish completing the rest of your return because of the income threshold for this benefit..
It is true that you could have a refund from the Working Income Tax benefits. Fuzzy is right. You should do the entire tax return in order to have the final figure of your refund.
You should open your copy of the tax return in PDF format and see page 4 of the T1 general, you will see where the refund comes from. You may also save a copy for yourself.
You need to have PDF installed on your computer. Then it will automatically open in PDF.
To clarify, you will need either Adobe Reader or PDF Xchange lite on your system to open PDF documents.