Yes. If the type of income you earned requires that you pay your taxes in instalments throughout the year (for example, if you were self-employed), you can transfer this year’s tax refund to your instalment account. However, remember that the CRA requires you to transfer your refund amount in full; you can’t transfer a partial amount.
Follow these steps in H&R Block’s Tax Software to transfer your 2016 refund amount to your instalment account:
- Under the PREPARE tab, click the OTHER icon.
- On the PAYMENTS page, select YES next to the question Do you want your refund from the Canada Revenue Agency (CRA) transferred to next year’s instalment account?
Where can I learn more?
- Transferring your refund to your installment account (CRA website)
- Paying your income tax by instalments (CRA website)
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