How are refunds held back (unpaid amounts) reconciled in the Tax Continuity Worksheet?

The refunds held back (unpaid amounts) are to identify any amounts included in the “opening receivable (payable)” that arose from a (re)assessment in a prior year, and the refund (payment) transaction was pending. Situations where this may apply include:

  • A refund held back due to an outstanding return not filed, and the CRA is awaiting its filing before releasing the funds.
  • An unpaid from the balance owing from a re(assessment) in a prior year was not yet paid.

As the most recent tax year cannot have an assessment/reassessment until the current year, this will never apply to the most recent tax year.