CRA REFUNDS: WHERE DID MY MONEY GO?
CRA EXPLAINS WHY TAX CREDITS ARE AUTOMATICALLY TRANSFERRED
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Many taxpayers expect that once the Canada Revenue Agency (“CRA”) determines that they are entitled to a GST/HST or income tax refund, that the refund will simply be paid. Unfortunately, that is often not the case (!) with the CRA explaining its “set-off” rights in a recent industry roundtable, confirming that where refunds are due, those amounts can often be automatically transferred to satisfy outstanding balances in other CRA tax accounts.