Received too much money in Tax Refund
Hey guys,
So I filed my tax returns 2 weeks ago with my normal accountant who just charges 50$ per tax return. I have used this accountant for several years and it worked out fine, He is really good at his job and explains everything to me in detail. This year I filed my taxes and he said I should expect to get around $1,700 in tax refund. However I just noticed that this week when I checked my bank account(I have direct deposit set up for my tax refund) that I received close to $7800 instead??? there must be some mistake, right? I am single male mid 20s making only 60k a year. I did not make any contributions to my RRSP last year(2013). However I just started putting money into my RRSP this year as of January still it is a tiny amount. I only have about 5000$ in my TFSA. But those should not matter about income tax returns right??? Can someone please explain to me why I got so much money back, and will I be penalized for it later?
So I filed my tax returns 2 weeks ago with my normal accountant who just charges 50$ per tax return. I have used this accountant for several years and it worked out fine, He is really good at his job and explains everything to me in detail. This year I filed my taxes and he said I should expect to get around $1,700 in tax refund. However I just noticed that this week when I checked my bank account(I have direct deposit set up for my tax refund) that I received close to $7800 instead??? there must be some mistake, right? I am single male mid 20s making only 60k a year. I did not make any contributions to my RRSP last year(2013). However I just started putting money into my RRSP this year as of January still it is a tiny amount. I only have about 5000$ in my TFSA. But those should not matter about income tax returns right??? Can someone please explain to me why I got so much money back, and will I be penalized for it later?