Receiving a notice of assessment from the Canada Revenue Agency (CRA) can be exciting, as it means you are likely to receive a tax refund. But how long after the notice do you get your refund? This article will explain the process of receiving a notice of assessment and how long it takes to get your refund.
Understanding Assessment Notices
When you file your tax return, the CRA will review it and send you a notice of assessment. This is a document that outlines the assessment of your taxes and can include details like the amount of your refund.
The notice of assessment will also outline any deductions and credits that you may be eligible for, as well as any taxes that you may owe. If you owe taxes, the CRA will provide information on how to make the payment.
Receiving Your Refund
Once you have received your notice of assessment, the CRA will process your refund. Generally, it takes approximately two weeks for the CRA to process the refund after receiving your tax return.
Once the CRA has processed your refund, they will send you a confirmation. This confirmation will explain the amount of your refund, as well as how it was calculated.
The CRA will then send your refund to you via direct deposit or cheque. Generally, it takes around two weeks for the refund to arrive after it has been processed.
Overall, it can take up to four weeks after receiving your notice of assessment to receive your refund. It is important to understand your notice of assessment and make sure that all of the information is accurate. If you have any questions or concerns about your assessment, it is best to contact the CRA directly.
As the annual tax season rapidly approaches, many Canadians find themselves in anticipation of one thing – the refund they will hopefully receive after they file their taxes. As most people are aware, the Canada Revenue Agency (CRA) will release a Notice of Assessment after you’ve successfully submitted your income tax return and indicated that all final calculations have been completed.
But at what point can you expect the CRA to actually issue cheques or direct deposits your tax refund? The answer to this question largely depends on a few specific factors.
The first factor is the method you’ve chosen to send your tax return to the CRA – whether it be by mail, electronically, or via NETFILE. If you choose to file electronically, you should expect your Notice of Assessment within two weeks. Additionally, depending on your particular NETFILE provider, you could receive your refund within 10 business days.
That said, those who submit their returns by traditional mail will not be so lucky – and could find themselves waiting for up to 8 weeks before their Notice of Assessment is issued.
The second factor to consider is how complicated your income tax return is. The more complicated it is, the longer it may take for the CRA to ensure all the proper calculations have been made and deductions accurately applied.
For those who have opted to use the popular ‘Auto Fill my Return’ option (AFR) – an automated and accurate tax return forwarded directly to the CRA via NETFILE – delays can be expected on the CRA’s part in processing trips.
Once you’ve received your Notice of Assessment and finalized your return, it’s only a matter of days, or possibly weeks, until you receive your refund. If you’ve chosen a direct deposit, you should receive your refund within 2 weeks from the time it was accepted.
Cheque refunds, on the other hand,will typically take 4-6 weeks to process and be sent out.
To ensure an expedited refund process, always double-check the information you send to the CRA. Do your best to ensure that everything is completed accurately, and remember to take into account the estimated times of delivery, as discussed above.
Happy tax season!