Lucky you!
You will receive a refund now that your taxes are done and dusted. Many of you will spend that refund on the many things you fantasize about when receiving a windfall.
However you should realize that, that’s your money the CRA is refunding. It’s not a windfall, it’s an overpayment. That’s right you paid the CRA too much during the year and now are receiving the overpayment as a refund.
A good financial planner can show you how to avoid this overpayment in the first place. That would allow you to enjoy those items you plan to buy much earlier in the tax year.
Or you could be richer by the money such overpayments could earn if you had them available to invest throughout the year.
Don’t overpay the taxman!
