Tax Refund Estimator
Estimate whether you will receive a tax refund or owe a balance. Enter your annual income and the income tax withheld from your paycheques (T4 Box 22) to see the difference.
1Where you lived and which year
Your province on December 31 sets your provincial tax for the whole year, even if you moved during it.
2Your T4 slips
Add up every T4 you received. Box 14 is your employment income and box 22 is the income tax your employers already sent to CRA.
Check: on this income your T4s should show about $3,362 of CPP (box 16/17) and $984 of EI (box 18). Those are settled through payroll, not on your return.
3Other slips
Interest, EI benefits and other T4A income are taxed like wages but often had little tax taken off, which is the usual reason a refund turns into a balance owing.
Not for dividends, capital gains or pension income, which each get their own tax treatment: use the dividend, capital gains or retirement income calculator.
4RRSP deduction
Contributions on your RRSP receipts reduce your taxable income dollar for dollar, up to your deduction limit on last year's notice of assessment.
Refund Estimate
Estimated Refund
$6,323
Effective Income Tax Rate
14.5%
CPP ($3,362) and EI ($984) are already deducted from your pay and are not part of the refund or balance due.
5Credits that can raise this refund
Not included above. Each of these lowers the tax owed, so it adds to a refund or cuts a balance owing. Work each one out, then compare.
How it works: This estimator works out the federal and provincial income tax on your net income (all your slips, less the enhanced CPP/QPP deduction and your RRSP deduction), allowing the basic personal amount and the CPP/EI and Canada employment credits, then compares it with the income tax already deducted on your slips. More deducted than owed is a refund; less is a balance owing. CPP and EI are settled through payroll and are not part of the balance. Credits from step 5 are not included.
Understanding Your Tax Refund
A tax refund occurs when your employer withheld more tax from your paycheques than you actually owe. This commonly happens when you have deductions (RRSP contributions, childcare expenses) or credits that reduce your tax below what was withheld.
Balance due can occur if you have additional income sources (freelancing, rental income, investments) that were not subject to payroll withholding, or if your TD1 form overstated your personal credits.
Your actual refund or balance may differ from this estimate if you have RRSP deductions, medical expenses, charitable donations, capital gains, or other items not captured here.
Frequently asked questions
Why do I get a tax refund in Canada?
A tax refund occurs when your employer withheld more tax from your paycheques than you actually owe. This commonly happens when you have deductions like RRSP contributions, childcare expenses, or credits that reduce your tax below the amount withheld throughout the year.
Why might I owe tax when I file my return?
You may owe a balance if you have additional income sources such as freelancing, rental income, or investments that were not subject to payroll withholding, or if your TD1 form overstated your personal tax credits during the year.
When is the deadline to file my Canadian tax return?
For most Canadians, the tax filing deadline is April 30. Self-employed individuals have until June 15 to file, but any balance owing is still due by April 30. Filing late when you owe results in penalties and interest charges.
Sources
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