When Can I Expect My Tax Refund?Brian Jang ON May 15, 2017
Phew! Another tax season has come and gone. But hey, that’s ok. You’re feeling pretty darn good right about now. You squirreled away all those receipts, organized your paperwork, and got your tax return filed off right on time. All that’s left to do it is wait for that juicy refund to roll in. Easier said than done!
If the suspense is killing you, here are some factors that may take some of the guesswork out of when to expect your tax refund.
Online wait time
How long does it take to get a tax refund Canada? That really all depends on how you filed your taxes in the first place. If you’re like the majority of folks, you’ve probably submitted your return online. And that’s a good thing if you’re in hurry to get your cash.
When the Canada Revenue Agency receives your return, it should take about ten business days to get your income tax refund. You can log into your CRA My Account anytime to track the progress of your return.
Mailing in your tax return
You’d better not be in huge rush to cash in your refund if snail mail is still your thing. Your wait time is going to be substantially more that if you did your taxes online. It can take up to eight weeks before you see your refund.
For all the paper filers out there looking to move things along a little quicker, you can sign up for direct deposit. The CRA will drop your refund off into the account of your choice. It might not be as fast as Netfiling your return, but at least you can shave off about five days from your wait time.
Do you have an outstanding balance with the CRA? If you do, it could be the reason your refund is taking its sweet time. Monies owing from a government agency, employment insurance benefits, or a balance due from a previous year’s tax return is going to slow the process down by a few days.
Still wondering why it is taking so long to get your tax refund after you file Canadian income tax? It might just boil down to human error. Even the smallest mistake can slow up the processing time of your return. Have you moved recently? Then you might have forgotten to inform the CRA about your new address. To avoid any unnecessary wait time, always ensure all your personal information is up-to-date.
Whatever the reason, don’t worry. Your tax refund will soon be in your hands. And if find yourself anxiously counting the days, just remember that old that old saying— “all good things come to those who wait.”
If you have any questions about your tax return, contact us today!
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