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Ontario|Tax LawRules for Individuals 176 Tax refunds Generally, you are entitled to receive a tax refund if you have paid more tax during the year than you were required to. Taxes that are withheld by an employer are typically based on your estimated income for the entire year. The employer usually calculates the taxes you will owe based on tax tables provided by Canada Revenue Agency. In most cases, employers do not take into consideration whether you have deductions or tax credits to claim or if there are circumstances that will cause you to have taxable income less than the estimated amount.
Even if you are entitled to a refund, you will not receive it unless you file a tax return. When you file your tax return, you or your accountant will calculate the correct amount of taxes you owed and will determine if you should receive a refund. Once you file your tax return, Canada Revenue Agency will review and process it. It usually takes four to six weeks before you receive your refund. The earlier you file a return, the less time you will have to wait to receive the refund.
If you think you are owed a refund for any year from 1985 onwards, you may still be entitled to the refund. You can file a tax return for the year with all receipts for deductions and credits attached. If you are unsure whether you are entitled to a refund or if you need assistance, you can consult an accountant or a tax filing service.
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