Your tax owing is calculated from your income, any deductions as applicable, and allowing for non-refundable tax credits. This is then compared to your refundable credits which include the amounts held back from your pay cheques through the year (box 22 of your T4). If the refundable credits are greater than your tax owing you get a refund. If the refundable credits are less, you owe the difference (have a balance due).
Your tax owing is calculated from your income, any deductions as applicable, and allowing for non-refundable tax credits. This is then compared to your refundable credits which include the amounts held back from your pay cheques through the year (box 22 of your T4). If the refundable credits are greater than your tax owing you get a refund. If the refundable credits are less, you owe the difference (have a balance due).
How is box 22 calculated? I was under the impression that it is directly the total taxable amount of the base salary (+ bonuses) with the federal and provincial tax rate applied?