sakage.shinga Posted May 9, 2014 Share Posted May 9, 2014 Hi Guys, So my Canadian tax refund was significantly higher than expected. TurboTax estimated my refund at $335 but this morning I checked my account and I got $1500. Did TurboTax make a mistake or did Canada Revenue Agency? Kinda don't want to call in and be put on hold for an hour if it's not a mistake. Link to comment Share on other sites More sharing options...
goalie13 Posted May 9, 2014 Share Posted May 9, 2014 You should receive a statement from CRA in about a week. Just don't spend the extra cash before then. Link to comment Share on other sites More sharing options...
ronthecivil Posted May 9, 2014 Share Posted May 9, 2014 Lot's of times CRA detects mistakes that are in your favour and just make the correction and give you the extra money themselves.That's why I usually don't bother doing the math. Link to comment Share on other sites More sharing options...
Dogbyte Posted May 9, 2014 Share Posted May 9, 2014 You are probably good but like G13 says hold on until you get your statement. Link to comment Share on other sites More sharing options...
mdehaan Posted May 9, 2014 Share Posted May 9, 2014 The government is trying to fight deflation thereby giving you (and me) a little more to spend into the economy at tax time. Just don't use it to pay off debt! (causing more deflation) Link to comment Share on other sites More sharing options...
Grapefruits Posted May 9, 2014 Share Posted May 9, 2014 It's happened to me in the past, not that high of an amount though. CRA likely found something Turbo Tax missed. Wait until you get your statement to see what happened. You can spend the money if you want, but if it was a CRA error, they will make you pay it back. Link to comment Share on other sites More sharing options...
timberz21 Posted May 9, 2014 Share Posted May 9, 2014 It's highly improbable that TurboTax made the mistake. If the refund is not the same, it is because you either entered the information wrong or not at the right place in TurboTax, or you forgot to enter some information. For example if your income is 31,900 but you entered 39,100 instead. That would create a huge difference in your return. And TurboTax cannot detect/correct a typo error, but CRA will as they have your T4s information on file. Link to comment Share on other sites More sharing options...
Brick Tamland Posted May 9, 2014 Share Posted May 9, 2014 Lot's of times CRA detects mistakes that are in your favour and just make the correction and give you the extra money themselves. That's why I usually don't bother doing the math. Lots of times? That is comical Link to comment Share on other sites More sharing options...
bjh Posted May 9, 2014 Share Posted May 9, 2014 Lots of times? That is comical Yes actually twice for me in the recent past it has happened. The CRA receives all of your tax documentation anyway. Link to comment Share on other sites More sharing options...
Mastaj Posted May 9, 2014 Share Posted May 9, 2014 Lots of times? That is comical It used to happen to me a lot when I was an undergrad student; I always forgot to add in my deductions for being a student, and the CRA added them in for me and updated my return. My guess is it is something like this, or as a poster above noted, a typo that the OP made while using TurboTax Link to comment Share on other sites More sharing options...
Brick Tamland Posted May 9, 2014 Share Posted May 9, 2014 You guys have horse shoes... Link to comment Share on other sites More sharing options...
Grapefruits Posted May 9, 2014 Share Posted May 9, 2014 Here's an interesting experience I had with CRA around 10 years ago. I filed my income tax and they sent me a letter saying I made a mistake and that they were changing the amount I was going to get back. It was about $3.50 less than what I filed. I was positive I didn't make a mistake, but whatever, its the CRA and it was only a few bucks. Received the cheque a few weeks later and went about my life. Couple months after that I got another letter saying they now made an error and owed me money. I received a cheque for the original amount they deducted. I still have it kicking around. I couldn't be bothered to cash it. It sat on my fridge for years and I'd get a good laugh about the stupidity of the whole incident. Our tax dollars at work. Link to comment Share on other sites More sharing options...
\/ijay Posted May 9, 2014 Share Posted May 9, 2014 It should say on your Notice of Assesment. If your income is low, its probably the working income tax benefit, else it could just be an error on your part. Link to comment Share on other sites More sharing options...
surtur Posted May 9, 2014 Share Posted May 9, 2014 Here's an interesting experience I had with CRA around 10 years ago. I filed my income tax and they sent me a letter saying I made a mistake and that they were changing the amount I was going to get back. It was about $3.50 less than what I filed. I was positive I didn't make a mistake, but whatever, its the CRA and it was only a few bucks. Received the cheque a few weeks later and went about my life. Couple months after that I got another letter saying they now made an error and owed me money. I received a cheque for the original amount they deducted. I still have it kicking around. I couldn't be bothered to cash it. It sat on my fridge for years and I'd get a good laugh about the stupidity of the whole incident. Our tax dollars at work.I had on for 4$ sitting around for about the same amount of time pretty much exact same thing happened to me. Must have had the same tax agent reviewing our paper work lol. Link to comment Share on other sites More sharing options...
Offensive Threat Posted May 9, 2014 Share Posted May 9, 2014 The big question is what ya gonna do with the extra 1100 - 1200 bucks? Hookers and blow? Invest? Invest in a jet ski? Vegas? enquiring minds want to know. Link to comment Share on other sites More sharing options...
Monty Posted May 9, 2014 Share Posted May 9, 2014 As has been stating, wait until you receive your Notice of Assessment. Wife and I received $7500 for our return. Paid down our line of credit in full. About 2 days later, we received early inheritance from my wife's grandmother to pay down our mortgage. Went from 11 years left down to 7.5 years. Link to comment Share on other sites More sharing options...
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