According to the Minister of National Revenue, the average tax refund is over $1,400 for the 2008 tax year. Surprisingly, many Canadians are thrilled about getting a big refund. While certain situations can lead to an unusual tax refund, far too many Canadians lend large sums of money to the government at 0% interest year after year. Two things you can do to make your refunds smaller are:
File a new TD1 - When Ben started his new job several years ago, he completed a TD1 form with his employer. This form tells Ben's boss how much to deduct from his income for taxes. He has since married and had two children. Ben should complete a new TD1 form that better reflects his situation today. These life
changing events provide Ben with more tax lowering opportunities and, rather than getting a large refund, he prefers to have less deducted from his paycheques.