Tax Rebate Discounting

	Tax Rebate Discounting Tax rebate discounting is a process in Canada where a tax preparation firm purchases the right to the anticipated tax rebate in exchange for a percentage of the rebate amount. Regulation Canada Revenue Agency (CRA) rules establish the maximum discounting fee at 15% of the first 300 C$ ($45) plus 5% of any remaining refund. No other fees for preparation or filing the return are permitted. The discount works out to a high effective interest rate. However, in some cases the discount is comparable to, or cheaper than, the firm's fee for preparing an ordinary tax return. Tax rebate discounting in Canada is regulated under the Tax Rebate Discounting Act. All discounters must be registered with the CRA and comply with all requirements for record-keeping. This process is somewhat similar to a refund anticipation loan Refund anticipation loan (RAL) is a short-term consumer loan in the United States provided by a third party against an expected tax refund for the duration it takes the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
	Income Taxes In Canada Income taxes in Canada constitute the majority of the annual revenues of the Government of Canada, and of the governments of the Provinces of Canada. In the fiscal year ending 31 March 2018, the federal government collected just over three times more revenue from personal income taxes than it did from corporate income taxes. Tax collection agreements enable different governments to levy taxes through a single administration and collection agency. The federal government collects personal income taxes on behalf of all provinces and territories. It also collects corporate income taxes on behalf of all provinces and territories except Alberta. Canada's federal income tax system is administered by the Canada Revenue Agency (CRA). Canadian federal income taxes, both personal and corporate are levied under the provisions of the ''Income Tax Act''. Provincial and territorial income taxes are levied under various provincial statutes. The Canadian income tax system is a self-assessment ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
	Tax Rebate A tax refund or tax rebate is a payment to the taxpayer due to the taxpayer having paid more tax than they owed. By country United States According to the Internal Revenue Service, 77% of tax returns filed in 2004 resulted in a refund check, with the average refund check being $2,100. In 2011, the average tax refund was $2,913. For the 2017 tax year the average refund was $2,035 and for 2018 it was 8% less at $1,865, reflecting the changes brought by the most sweeping changes to the tax code in 30 years. Taxpayers may choose to have their refund directly deposited into their bank account, have a check mailed to them, or have their refund applied to the following year's income tax. As of 2006, tax filers may split their tax refund with direct deposit in up to three separate accounts with three different financial institutions. This has given taxpayers an opportunity to save and spend some of their refund (rather than only spend their refund). Every year, a number of U.S. taxp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
picture info	Canada Revenue Agency The Canada Revenue Agency (CRA; ; ) is the revenue service of the Canadian federal government, and most provincial and territorial governments. The CRA collects taxes, administers tax law and policy, and delivers benefit programs and tax credits. Legislation administered by the CRA includes the ''Income Tax Act,'' parts of the ''Excise Tax Act'', and parts of laws relating to the Canada Pension Plan, employment insurance (EI), tariffs and duties. The agency also oversees the registration of charities in Canada, and enforces much of the country's tax laws. From 1867 to 1999, tax services and programs were administered by the Department of National Revenue, otherwise known as Revenue Canada. In 1999, Revenue Canada was reorganized into the Canada Customs and Revenue Agency (CCRA). In 2003, the Canada Border Services Agency (CBSA) was created out of the CCRA, leading to customs being dropped from the agency's mandate and the agency's current name. The CRA is the largest o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
picture info	Canadian Dollar The Canadian dollar (currency symbol, symbol: Dollar sign, $; ISO 4217, code: CAD; french: dollar canadien) is the currency of Canada. It is abbreviated with the dollar sign $, there is no standard disambiguating form, but the abbreviation Can$ is often suggested by notable style guides for distinction from other dollar-denominated currencies. It is divided into 100 cent (currency), cents (¢). Owing to the image of a common loon on its reverse, the dollar coin, and sometimes the unit of currency itself, are sometimes metonymy, referred to as the ''loonie'' by English-speaking Canadians and foreign exchange traders and analysts. Accounting for approximately 2% of all global reserves, the Canadian dollar is the fifth-most held reserve currency in the world, behind the United States dollar, U.S. dollar, the euro, the Japanese yen, yen and pound sterling, sterling. The Canadian dollar is popular with central banks because of Canada's relative economic soundness, the Canadian ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
	Refund Anticipation Loan Refund anticipation loan (RAL) is a short-term consumer loan in the United States provided by a third party against an expected tax refund for the duration it takes the tax authority to pay the refund. The loan term was usually about two to three weeks, related to the time it took the U.S. Internal Revenue Service to deposit refunds in electronic accounts. The loans were designed to make the refund available in as little as 24 hours. They were secured by a taxpayer's expected tax refund, and designed to offer customers quicker access to funds. The costs to the borrower could be significant compared to other lending and some consumer organizations warned consumers of the risk involved in this type of loan. They are a largely discontinued financial product and beginning with the 2013 tax filing season, they have been largely replaced with the similar refund anticipation checks (RAC), [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]