9.3.7 What you owe or get back
- 9.3.1 Deductions from income
- 9.3.2 Registered retirement savings plans
- 9.3.3 Other registered savings plans
- 9.3.4 Video: Taxes and registered savings plans
- 9.3.5 Tax credits
- 9.3.6 Non-refundable and refundable tax credits
- 9.3.7 What you owe or get back
- 9.3.8 Taxes in your life
- 9.3.9 Summary of key messages
COVID-19: Changes to taxes and benefits
Find out about Canada Revenue Agency’s new benefits and other changes that support Canadians during the COVID-19 pandemic.
Once you've entered your income and claimed any deductions or tax credits, you calculate the total taxes owing and make the final adjustments on the federal and Quebec tax returns (see illustrations). These adjustments include:
- taxes deducted by your employer (line 43700 of the T1 return, line 451 of the Quebec TP-1.D-V return)
- if you were self-employed, or have investment income, taxes you paid by instalments (line 47600 of the T1 return, line 453 of the TP-1.D-V return) and pension contributions due (line 42100 of the T1 return, line 445 of the TP-1.D-V return)
- provincial or territorial taxes and credits (lines 42800, 43800, 44000 of the T1 return)
- other adjustments.
Review the federal T1 return in the illustration and make note of any items that you think apply to you.
Text version: Step 6 - Refund or balance owing
Step 6 - Refund or balance owing
Line 42100 - Canada Pension Plan (CPP) contributions payable on self-employment and other earnings
Line 42200 - Social benefits repayment
Line 42800 - Provincial or territorial tax
Line 43500 - Total payable
Line 43700 - Total income tax deducted
Line 43800 - Tax transfer for residents of Quebec
Line 44000 - Refundable Quebec abatement
Line 44800 - CPP overpayment
Line 45000 - Employment insurance overpayment
Line 45200 - Refundable medical expense supplement
Line 45300 - Working income tax benefit (WITB)
Line 45400 - Refund of investment tax credit
Line 45600 - Part XII.2 trust tax credit
Line 45700 - Employee and partner goods and services tax/harmonized sales tax (GST/HST) rebate
Line 45800 - Children's fitness tax credit
Line 45900 - Children's fitness tax credit
Line 47600 - Tax paid by instalments
Line 48400 - Refund
Line 48500 - Balance owing
Review the Quebec TP-1.D-V return in the illustration and make note of any items that you think apply to you.
Text version: Québec's Refund or balance due
Refund or balance due
Line 451 - Québec income tax withheld at source,as shown on your RL slips or other information slips
Line 451.3 - Québec income tax withholding transferred by your spouse
Line 452 - Québec Pension Plan (QPP) or Canada Pension Plan (CPP) overpayment
Line 453 - Income tax paid in instalments
Line 454 - Transferable portion of the income tax withheld for another province
Line 455 - Tax credit for childcare expenses. Complete Schedule C.
Line 456 - Tax credits respecting the work premium. Complete Schedule P.
Line 457 - Québec parental insurance plan (QPIP) overpayment
Line 458 - Tax credit for home-support services for seniors. Complete Schedule J.
Line 459 - Québec sales tax (QST) rebate for employees and partners
Line 460 - Tax shield
Line 462 - Other credits (see the guide)(Specify: 461)
Line 466 - Financial compensation for home-support services (see the guide)
Line 476 - Refund transferred to your spouse. See the guide before entering an amount.
Line 480 - Accelerated refund (see the guide)
Many people celebrate getting a large refund, thinking of it as a surprise bonus. What it really means is that more of your money was collected for income taxes than necessary. Careful tax planning can help ensure that you send only the amount necessary in advance tax payments.
Some people like to think of the tax refund as a type of savings plan. If you receive a tax refund, save it—or at least most of it. It's money you have not spent through the year, so use it to pay down debt or add to your investments.
Quebec residents also contribute to certain funds through their income tax return if they have not paid through payroll deductions or other means. Payments due may include:
- premiums payable under the Quebec Parental Insurance Plan (QPIP)
- contributions to the health services fund
- premiums payable under the Quebec prescription drug insurance plan (RAMQ).
- la contribution santé
The final result of these calculations is your tax refund or the amount you owe. If your payroll deductions or instalments were too high, you'll receive a refund. If they were too low, you'll have a balance owing. You must pay a balance owing by April 30 to avoid interest.
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