This is my first time to use Turbotax and finally it’s written the refund is $68.73. But it’s too small. So is it really the amount will be refunded?

Whenever the Canada Revenue Agency (CRA) collects more income tax from you than you owe, you’ll receive that amount as a refund. It’s like savings you didn’t know you had. 

 

A refund is assessed based on your total income, the taxes you paid, and whether you have enough deductions and credits to warrant a refund. 

 

As well, it never hurts to follow up with the CRA on unused deductions you can carry forward to future years. 

 

If you think the amount is too small or incorrect, you can double check by doing a high level breakdown on how to calculate your tax refund amount:

1. Start by calculating your total annual income by adding all employment and investment earnings. 
2. Then apply all deductions you’re eligible for to that sum (taxable income) to reduce it. 
3. Finally, subtract your total credits (Line 48200) from your total payable amount, or taxes owed (Line 43500).
4. If the resulting number is negative, enter it on Line 48400 of your return and you will get a tax refund in that amount. If it’s positive, you must pay this balance owing by the tax year deadline and will instead enter that amount on Line 48500.

 

When to get your tax refund?

If you filed online using NETFILE, it can take up to 2 weeks to receive your tax refund. Signing up for direct deposit on CRA My Account will get you your money 3-5 days faster than receiving a cheque in the mail. If you filed by mail, it may take up to 8 weeks.

 

If you live outside Canada and file a non-resident personal income tax return, it may take up to 16 weeks to receive your refund.

 

Curious about when your tax refund will arrive? You can track it in your CRA My Account after the CRA receives your return. There you’ll find the date your return was received, when to expect your refund, and the exact amount.

 

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