The tax year ends seem to come very quickly. This is frustrating for some. When the tax year-end arrives on April 30, people are haunted by the nightmares of the Canada Revenue Agency (CRA) audit and meetings with accountants resulting in another tax filing. After going through all the struggles, the taxpayers eagerly wait for the direct deposit or the cheque for tax refund coming.
There are some guidelines implemented by the Canadian Revenue Agency on when you will be able to expect your tax refund. However, you will need to ensure that you are filing before the due date or on the due date to get the tax refund quickly.
The refunds come on time for people who file their tax returns in a timely manner. However, the method you follow to file the tax return has a very big role in when you will receive the refund.
For example, people who file their tax returns electronically will be able to receive a quicker refund compared to the people who file for tax returns by mail. However, these are not the only factors.
It is possible for you to receive a Notice of Assessment along with the refund within two weeks of filing for your tax returns electronically.
But if you filed for the taxes via mail, you will have to wait for some more time to get the tax return. For taxes filed via post, you will have to wait for a duration of up to 16 weeks in order to get the tax return.
Due to the same reason, all the people who want to file tax returns are strongly encouraged to file electronically. This is the fastest and the most effective method available for you to file for tax returns. Taxants.ca can help in this process.
Once you take pictures of your documents and submit them through our portal, we assign an accountant on your file who further processes your information and submits the taxes to CRA. CRA usually takes around eight business days for the processing stage to complete. Then you will be able to receive the notice of assessment along with the refund.
If you request for a direct deposit, you will be able to further accelerate the overall refund process. This is another useful tip for timely processing of your tax refund.
No matter what method you pick to go ahead and submit the tax return, the earliest date on which you will be able to receive the tax refund would be on the month of March.
That’s because the CRA is starting to process all the filed tax returns by mid-February. Hence, there is no possibility for you to get the tax refund before the month of March.
How long does it take to get a tax return in Canada??
While waiting for the tax refund to come, you will be able to take a look at the status of the tax return and keep yourself up to date. There are multiple methods available for you to do that. Out of those methods, here are three of the most prominent methods that you can try.
1 – Using CRA My Account:
If you are an individual who wants to take a look at the status of your tax return, you will be able to log into the My Account of CRA.
Once you log in, you will be able to get a clear representation of the tax return status. In addition to that, you will also be able to see your notice of assessment. If you wish to modify the return, you can do that too.
You can also enter the direct deposit information to the My Account or edit the existing information. Likewise, many other features, such as the ability to make payments are available on My Account.
2 – Use the mobile app:
There is an app called MyCRA, which is directly managed by CRA. This method is also available for the individuals who wish to get a clear understanding about the status of their tax return.
You will also be able to get the notice of assessment on this app. On top of that, this app allows people to update their personal information.
3 – Use the My Business Account:
All people who are waiting for corporate returns can use My Business Account to get additional information about the status. It allows making corrections to the addresses and various other business information accounts.
We will cover My Business accounts and its benefits in detail in another blog in future.
To conclude, before taking a look at the amount of time it will take to get the tax return in Canada, you will need to understand how to make your life easy at the time of filing for taxes.
Don’t worry Taxants.ca would love to help. They have a well-defined system, which you can go through and get all the support needed in filling your taxes. You will fall in love with their simple, fast and secure process. Just get in touch with them and you will be able to understand what exactly I mean.