If more tax was withheld from your paycheque than you actually owe, you get a refund. If less, you owe the balance at filing. This calculator estimates which side you’re on before you file.
What makes a refund likely
- RRSP contributions made during the year
- Union dues, professional fees
- Childcare expenses, medical expenses above threshold
- Mid-year job change (employer calculations often over-withhold)
What makes a balance owing likely
- Self-employment or consulting income without withholding
- Investment income above what’s withheld by your broker
- Capital gains realized during the year