Transferring overpayments

You may ask to transfer an overpayment when you file your income tax return. This can be done by either entering "2" on line 894 of the return or by attaching a letter to the front page of the return.

If you enter "2" on line 894 of your return, we will apply the residual overpayment to any outstanding debt(s) on your account and then to any debt(s) on a related business number account. We will transfer any remainder to the next year's instalment account, along with refund interest, as applicable. We will calculate refund interest using the prescribed interest rate.

We do not transfer the overpayment to a related business number account if your returns are not filed up-to-date.

If you transfer your refund to instalments for the next year, the effective interest date will be the filed date of the return.

File your return by the filing due date to avoid potential interest charges in the next year.

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