Question

In: Accounting

When claiming a refund for an overpayment of remittances to CRA what is the process?

  1. When claiming a refund for an overpayment of remittances to CRA what is the process?

Solutions

Expert Solution

The Canada Revenue Agency (CRA) does not start processing Canadian income tax returns until the middle of February. No matter how early you file your income tax return, you will not be able to get information on the status of an income tax refund until the middle of March. You should also wait until at least four weeks after you file your return before checking on the status of an income tax refund. If you file your return after April 15, you should wait at least six weeks before checking on the status of your return.

Processing Times for Tax Refunds

The length of time it takes the CRA to process your income tax return and refund depends on how and when you file your return.

Processing Times for Paper Returns

  • Paper returns usually take four to six weeks to process.
  • For paper tax returns filed before April 15, wait four weeks before you check on your refund.
  • For paper tax returns filed on or after April 15, wait six weeks before you check on your refund.

Processing Times for Electronic Returns

Electronic (NETFILE or EFILE) returns can take as little as eight business days to be processed. However, you should still wait at least four weeks before you check on your refund.

Tax Returns Selected for Review

Some income tax returns, both paper and electronic, are selected for more detailed tax return reviews by the CRA before they are assessed, as well as afterward. The CRA may ask you to submit documentation to verify claims you submitted. This is not a tax audit, rather it is part of CRA efforts to identify and clarify common areas of misunderstanding in the Canadian tax system. If your tax return is selected for a review, it will slow down the assessment and any refund.

The Canada Revenue Agency (CRA) does not start processing Canadian income tax returns until the middle of February. No matter how early you file your income tax return, you will not be able to get information on the status of an income tax refund until the middle of March. You should also wait until at least four weeks after you file your return before checking on the status of an income tax refund. If you file your return after April 15, you should wait at least six weeks before checking on the status of your return.

Processing Times for Tax Refunds

The length of time it takes the CRA to process your income tax return and refund depends on how and when you file your return.

Processing Times for Paper Returns

  • Paper returns usually take four to six weeks to process.
  • For paper tax returns filed before April 15, wait four weeks before you check on your refund.
  • For paper tax returns filed on or after April 15, wait six weeks before you check on your refund.

Processing Times for Electronic Returns

Electronic (NETFILE or EFILE) returns can take as little as eight business days to be processed. However, you should still wait at least four weeks before you check on your refund.

Tax Returns Selected for Review

Some income tax returns, both paper and electronic, are selected for more detailed tax return reviews by the CRA before they are assessed, as well as afterward. The CRA may ask you to submit documentation to verify claims you submitted. This is not a tax audit, rather it is part of CRA efforts to identify and clarify common areas of misunderstanding in the Canadian tax system. If your tax return is selected for a review, it will slow down the assessment and any refund.

A tax refund typically arises when the amount of tax owing on your return is less than the amount of tax withheld from your income during the year. Employment income is the most common type of income from which tax is deducted at source and thus employees are most often the ones who get significant tax refunds each year.

Please give the good Feedback(Thumbup)


Related Solutions

What is the link between diaspora and remittances?
What is the link between diaspora and remittances?
What are the strengths of remittances compared to Foreign Direct Investment (FDI)?
What are the strengths of remittances compared to Foreign Direct Investment (FDI)?
what is the purpose of doing a reconciliation of the Canada Revenue Agency remittances?
what is the purpose of doing a reconciliation of the Canada Revenue Agency remittances?
Recently, a nurse commented that when a patient calls the medical advice line claiming to have...
Recently, a nurse commented that when a patient calls the medical advice line claiming to have the flu, the chance that he or she truly has the flu (and not just a nasty cold) is only about 4%. Of the next 25 patients calling in claiming to have the flu, we are interested in how many actually have the flu. Find the probability that at least five of the 25 patients actually have the flu. (Round your answer to four...
Recently, a nurse commented that when a patient calls the medical advice line claiming to have...
Recently, a nurse commented that when a patient calls the medical advice line claiming to have the flu, the chance that he or she truly has the flu (and not just a nasty cold) is only about 4%. Of the next 25 patients calling in claiming to have the flu, let ? be the number of patients in the sample that actually have the flu. Explain why ? can be treated as a binomial random variable. • Identify ? (the...
If an engineer believes that a section of pipe is fully developed what are they claiming...
If an engineer believes that a section of pipe is fully developed what are they claiming in terms of a) fluid velocity? b) fluid forces?
what are the advantages for employees of claiming that someone doing work for them is an...
what are the advantages for employees of claiming that someone doing work for them is an independent contractor rather than an employer what generally makes a worker classified as an "independent contractor"?
Investors can encounter a conflict of interest for credit rating agencies (CRA) when buying debt securities.
a) Explain the possible reasons for causing such conflicts and the circumstances in that conflicts of interest for CRAs are most likely to happen.b) If a conflict of interest for CRAs exists in the financial market, provide some possible ways to mitigate such conflicts.
Why you should be happy to get a tax refund, not guilty When it comes to...
Why you should be happy to get a tax refund, not guilty When it comes to be tax time, people love to start throwing around phrases that enrage me and make me wish to become a cartoon hero that points at someone and ejects a roll of duct tape towards their mouths to silence them. In my dreams, I would be a cross between Spiderman and a librarian. Anyway, how often have you heard this phrase? “If you get a...
Regret or Happiness for your Tax Refund When it comes to be tax time, people love...
Regret or Happiness for your Tax Refund When it comes to be tax time, people love to start throwing around phrases that enrage me and make me wish to become a cartoon hero that points at someone and ejects a roll of duct tape towards their mouths to silence them. In my dreams, I would be a cross between Spiderman and a librarian. Anyway, how often have you heard this phrase? “If you get a tax refund, it means you’ve...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT