I’m getting mixed answers on the internet. I’ve been approved and backdated to 2018.
Does this mean that i will get any tax overpayment under new DTC approval as a refund?
Yes, you should if you paid Income Tax. Your Taxes will be re-assessed by CRA (if you checked the box on DTC application to allow them to do it automatically) or you will have to do re-assessment yourself.
Yes. I adjusted mine manually because I wanted to change my RRSP deduction and it got paid to me like a normal refund. If you do your own,adjust them from oldest year first.
That’s bad because the answer is yes.
1 Like
Yeah they re-assess your past years if you asked them to when you filled out. Assuming you paid taxes, you should get a refund of around $2,000 to $3,000 a year. So 2018-2023 = 6 years, that would be around $12,000 to $18,000 refund. But it can be more or less depending on factors.
1 Like
And if you didn’t check the box on your DTC application asking them to re-assess your past years, don’t worry, you can send them a letter asking them to do it. Or you can manually do it yourself.
1 Like
Updating it myself was very easy online. I selected the line I wanted to change to add the DTC and Revenue Canada’s software did all the rest.
1 Like
So this refund will be just federal tax right?
I had a whole repayment and a severence. This is going to be something
My cognition and attention span is very poor now so i apologize if I didn’t remember that you replied