Tax Refund

What is a tax refund?

Tax Refund Definition: A tax refund is provided as a reimbursement when more taxes are deducted and paid during a tax year than required.

This excess amount is calculated with a tax return, which determines how much you will receive as a return.

Based on the income bracket, a tax refund may occur when more taxes are deducted from a paycheck than needed.

Additional benefits, such as registered retirement savings funds, and other tax-sheltered investments or deductibles, can reduce the amount you pay in taxes and increase your refund amount.

Essentially, the excess amount you pay in taxes is an interest-free loan paid to the government, only to be refunded after the tax return is submitted.

Jul 30 - Comparewise Business Loan Banner

Other business terms:

Business Loan Help Center

BlogBrandsCards
How to Get a Grocery Store Business Loan
Best Type of Business Finance for Large Businesses
An End-of-Year Checklist for Your Small Business
How to Get Business Loans in Canada
CIBC
Jeeves
Smarter Loans
Clearco
Forward Funding
Kingsmen Capital Investments
Growth Street Capital
SharpShooter Funding
American Express Business Platinum Card
National Bank Allure Mastercard
National Bank MC1 Mastercard
Tangerine World Mastercard

comparewise

Didn’t find the information you were looking for?

Send us your questions and we will get back to you.

Car loan?
Personal Loan?

Top deals await you just a short
application away!