How will I know how much my tax refund will be?

Once you submit your income tax returns, you probably think about what you’ll spend your tax refund on. You might plan to make a major purchase, pay off debt or contribute to an RRSP. If you’re eager to find out the amount of your refund, here are the steps to take on impō. 

I’d like to file my tax returns. What do I have to do? 

To begin, create a impō account and complete the short questionnaire. Once you’ve completed and submitted your questionnaire, we’ll provide a list of required documents such as income tax statements and the previous year’s assessment notice. You must also sign a T1013 proxy form that authorizes us to act as your representative. Once you send us your documents and T1013 form, we’ll prepare your tax returns within 7 to 10 days. 

What can I do during this time? 

If you’re not already registered for direct debit payments from the Canada Revenue Agency and Revenu Québec, this would be a good time to do so. When you sign up for direct debit payments, your tax refund and other payment types such as the GST credit, the Canada Child Benefit and the Working Income Tax Benefit will be deposited in your bank account. 

When will I receive updates regarding my income tax returns? 

You’ll receive a notification if a document is missing and once you’ve accepted the income tax returns we prepared for you. In the second case, you’ll be informed regarding the amount of your tax refund. If you accept the tax returns, we’ll also request your authorization to electronically transmit the documents. Once your income tax returns have been accepted by the Canada Revenue Agency and Revenu Québec, you should receive your tax refund within two to three weeks. 

As you can see, you don’t have to wait to find out how much your tax refund will be if you sign up for Taxō’s services! Ôh so fast! So why wait? Sign up today!