Top Ways To Quickly Receive Your Tax Refund During the COVID-19 PandemicBrian Jang ON June 23, 2020
This year has been a trying one for many, with the world experiencing unprecedented times. The COVID-19 outbreak has been devastating to businesses, individuals, and entire countries, drastically altering daily lives, and severely impacting the finances of countless people.
For many, their annual tax refund is one of the largest cheques they will receive each year, and this year it can be even more important to them following a reduction in income due to their employer having to shut down. What is the best way, then, to help ensure that the refund arrives in a timely manner?
While there is always the possibility of unforeseen issues slowing things down, there are some steps that can be taken to increase the chances of a quick refund.
- Get a CRA My Account. If you haven’t done so already, sign up for your CRA My Account. Once you have My Account access, you will be able to go online to track your refund. This can keep you informed of how things are proceeding.
- Check Your Banking Information on Your CRA My Account. When you are anxiously awaiting your refund, why delay things further by having it mailed to you? The fastest and easiest way is to have it deposited directly to your bank account. Supplying your direct deposit details also means that any other financial relief benefits that you might receive can go straight into your account as well.
- File Online Using an Online Tax Solution. This will ensure that in addition to being able to file your return completed quickly and accurately, the CRA will be able to start reviewing it almost immediately.
- Be Organized and Have Everything Ready. You want to be sure that the filing process goes smoothly. Speed things up by preparing all the necessary documents for your credits and deductions in advance. The easier you make each step along the way, the faster everything can be processed.
- Don’t Let Physical Distancing Keep You from Getting Help. You may be concerned about seeking out help with your taxes, and that is understandable given that we are asked to maintain social distancing. That doesn’t mean that you are completely on your own, however. There is help available to you, whether you are employing an online solution like Turbo Tax, or having someone help you file, you always have someone to turn to who can answer your questions and give you the guidance you need.
So how long will it take to receive your refund once completed and filed? It depends on how you submitted it, but online or digital returns are processed faster, sometimes in as little as 8 business days, according to the CRA. Once your return has been received and processed, you will receive a Notice of Assessment to inform you of your refund amount or balance owing. Log in to your CRA My Account to track your return’s progress.
For all your tax refund needs, contact us today.
- Registering for the GST Retroactively
- Which Canadian Business Structure is Right for You?
- The Gig Economy in 2020: Tips for Saving Taxes
- How the Government is Helping Seniors During the COVID-19 Pandemic
- The True Costs of Everyday Expenses