Receiving a tax refund can be an exciting event, especially if it is a significant amount. However, understanding the refund process and knowing when you can expect your refund can be confusing. This article will provide an overview of the refund process and how long it typically takes to receive your refund after the Notice of Assessment is issued.
Understanding the Refund Process
When you file your taxes, the government reviews your return and issues a Notice of Assessment. This document states the amount of money you owe or the amount of refund you are to receive. Depending on the amount of the refund, the government may issue the refund within a few days of the assessment.
You can also request a direct deposit for your refund. This allows the refund to be directly deposited into your bank account. This is a faster and more secure method of receiving your refund, as it eliminates the need for a cheque or other type of payment.
When Can You Expect Your Refund?
Once the Notice of Assessment is issued, most refunds are issued within approximately two weeks. However, it can take longer if the government needs to investigate your return further. If this is the case, the government will contact you directly.
If you are expecting a refund and it has been more than two weeks since the Notice of Assessment was issued, you can contact the government to inquire about the status of your refund.
Understanding the refund process and knowing when you can expect your refund can help you plan your finances accordingly. It is important to remember that the government may need to investigate your return further and this could delay the receipt of your refund. If it has been more than two weeks since the Notice of Assessment was issued and you have not received your refund, you can contact the government for more information.
How Long After Notice of Assessment Do I Get My Refund?
Receiving a notice of assessment from the Canadian Revenue Agency (CRA) is good news for many taxpayers. The notice indicates that the CRA has approved your tax refund and is ready to have it delivered to your bank account. But how long after you receive the notice of assessment do you get your refund?
The CRA explains that most Canadians will receive their refund within 3-4 weeks of receiving the notice of assessment. This is the usual amount of time that it takes for the CRA to issue the refund to your designated financial institution.
The CRA also notes that any refunds that result from an audit may take longer to process and receive because of the additional review and processing required after the audit is complete. If your refund is the result of an audit wait upward of 6-8 weeks before the refund will be in your account.
Refunds that are the result of an overpayment to the CRA for your taxes will take longer to process than other refunds. Once the CRA has received the payment, a decision must be made as to how the overpayment will be refunded. This review period can take up to 8 weeks from the point of the notice of assessment before your refund is issued, but could take up to 12 weeks in some cases.
When it comes to receiving your Canadian tax refund, most taxpayers will have it in their accounts within 4 weeks of the notice of assessment. However, complex refunds can take up to 12 weeks to be processed. It is therefore recommended that, if you do not receive a refund immediately after the notice of assessment, that you be patient. In most cases you will receive it within due time.