ARCHIVED - 1995 General Income Tax Guide

Source URL

http://www.cra-arc.gc.ca/formspubs/prioryear/t1/1995/5006-g/line484-e.html

Disclaimer

We do not guarantee the accuracy of this copy of the CRA website.

Scraped Page Content

ARCHIVED - Lines 484 and 485 - Refund or Balance owing

Archived content

Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please contact us to request a format other than those available.

Archived

This page has been archived on the Web.

Your refund or balance owing is the difference between your total payable (line 435) and your total credits (line 482).

If your total payable (line 435) is less than your total credits (line 482), enter the difference on line 484. This amount is your refund.

If your total payable (line 435) is more than your total credits (line 482), enter the difference on line 485. This amount is your balance owing.

If the difference is less than $2, you do not have to make a payment and you will not receive a refund.

Line 484 - Refund

If you are expecting a refund for 1995, but our records show that you owe an amount, or are about to owe an amount for another year, we may keep some or all of your refund and apply it against the amount you owe.

We may also have to apply your income tax refund against certain outstanding government debts. The most common types of government debts are: a Canada Student Loan, an Unemployment Insurance benefit overpayment, an Immigration loan, and a training allowance overpayment. We may also apply your refund to satisfy a garnishment order under the Family Orders and Agreements Enforcement Assistance Act.

Direct deposit

You can have your income tax refund, GST credit, and your Child Tax Benefit payments deposited directly into your account at a financial institution.

To start direct deposit, or to change information you already provided to us, complete the Direct Deposit Request at the bottom of page 4 of your return. You don't have to complete this area if you already have direct deposit service and the information you provided before hasn't changed.

Your direct deposit request will stay in effect until you change the information or cancel the service. However, if your financial institution advises us that you have a new account, we may deposit your payments into the new account. If we cannot deposit a payment into a designated account, we will mail a cheque to you at the address we have on file.

If you need help to complete the information on page 4, or to cancel direct deposit service for one or more of these payments, contact us.

Note

If you want your Child Tax Benefit payments deposited into a different account, you will have to send us a completed Form T1-DD(1), Direct Deposit Request - Individuals. You can get this form from us.

If you are changing the account to which we deposit a payment, do not close the old account before we deposit the payment into the new account.

Line 485 - Balance owing

Attach to the front of your return a cheque or money order made out to the Receiver General. Do not mail cash. To help us credit your payment properly, please write your social insurance number on the back of your cheque or money order.

Enter the amount of your payment on line 486.

Paying your balance owing with postdated cheques - If you pay your balance owing with postdated cheques, your Notice of Assessment will not take into account the cheques that are still postdated when we prepare the notice. We will credit them to your account when they become negotiable and will send you an acknowledgement. However, we will charge compound interest from April 30, 1996, until you pay the account in full.