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CRA Line 435 and Line 437?
If Line 435 (Total Payable) is 11,000$ and Line 437 (Total income tax deducted) is 20,000$ and the balance before penalty and interest is -9,000$ then does that mean there is a 9,000$ refund or 9,000$ is payable?
1 Answer
- ?Lv 57 years agoFavorite Answer
I understand the first part of your question. If the total payable was $11,000.00 and you had tax deducted in the amount of $20,000.00 then a refund of $9,000.00 would be forthcoming. If you are saying you owe $9000.00 in an unpaid balance which includes penalty & interest,then I'd guess you wouldn't get anything back. I was with the understanding that if you have a balance owing, then any refund is either withheld pending payment OR if you owed say, $500.00 & your refund was $400.00...they'd take off the $400.00 & give you $100.00.
