Review refund or balance owing

Review Refund or Balance Owing

Understand Your Tax Result Before It Becomes a Surprise

After filing your personal or business tax return, it’s essential to review your refund or balance owing. Understanding why you’re receiving a refund—or why you owe tax—helps you avoid CRA interest, plan payments, and improve your tax strategy for future years.

At Tiki Tax, we help clients across Canada interpret their tax results clearly and take the right next steps.

What Does “Refund or Balance Owing” Mean?

Tax Refund: CRA owes you money because you overpaid tax during the year

Balance Owing: You owe additional tax to CRA after filing

Both outcomes require careful review to ensure accuracy and proper planning.

Why You Should Review Your Tax Result

✔️ Confirm your return was filed correctly

✔️ Catch errors before CRA reassesses

✔️ Plan payments to avoid interest and penalties

✔️ Understand cash flow impact

✔️ Improve tax planning for next year

Ignoring your tax result can lead to unnecessary costs.

Common Reasons for a Tax Refund

Too much tax withheld from employment income

RRSP contributions or other deductions claimed

Tuition or carryforward credits applied

Capital losses offsetting gains

A refund may feel positive—but it can also mean inefficient tax planning.

Common Reasons for a Balance Owing

Self-employed or business income

Insufficient tax instalments

Investment or rental income

Reduction or elimination of credits

📌 A balance owing does not mean you did something wrong—but it does require action.

What to Do If You Owe Tax

Review the calculation for accuracy

Pay by the CRA deadline to avoid interest

Set up a payment arrangement if needed

Explore Taxpayer Relief if penalties or interest apply

How to Review Your Refund or Balance Owing

Check your Notice of Assessment (NOA)

Log in to CRA My Account

Compare CRA results with your filed return

Confirm carryforward amounts and credits

Professional review can identify missed opportunities.

How Tiki Tax Can Help

✔️ Explain your tax results in plain language

✔️ Identify errors or optimization opportunities

✔️ Assist with CRA payments or arrangements

✔️ Plan strategies to reduce future balances owing

✔️ Support refund reviews and CRA follow-ups

We help individuals, freelancers, and businesses make informed decisions.

Turn Tax Results into a Strategy

Your refund or balance owing is more than a number—it’s feedback on your tax planning.

👉 Contact Tiki Tax today to review your tax results and build a smarter strategy for the year ahead.

🌐 Website: https://www.tikitax.ca/