Have you filed your income tax return in 2021, and wondering how long does it take to get your tax return?
Income tax refunds can feel like windfall profits, and they are the perfect aid for getting through to the next round of your savings plan.
Whether you intend to save, invest, or repay debts, your income tax refund would likely bring your things in the right direction.
How fast can you expect to get a tax return for 2022 in Canada?
The answer to the question of how long does it take to get tax return Canada typically ranges from 2 to 16 weeks and is primarily determined by several considerations, which would include:
● The process took to file.
- When you file online, it takes two weeks.
- In case you file a paper return, it takes 8 weeks.
- These timeframes apply only to returns received on or before their set deadlines. If you reside outside of Canada and file a non-resident personal income tax return, it may take up to 16 weeks for your return to be processed.
● Whether or not you have enabled direct deposit.
- Filing your income tax return online is undoubtedly the speediest method to obtain your refund. When you file your return digitally using NETFILE certified online tax preparation application, you will not only receive an immediate Notice of Assessment (NOA), but you will also obtain your refund in eight working days.
- If you send your return online and do not have a direct deposit, the Canada Revenue Agency (CRA) will mail you a cheque. According to the CRA, this procedure takes about 2 weeks to obtain your refund.
The tax filing closing date for the budgetary year 2021 is May 2, 2022. Customarily, the time limit is April 30, but it falls on a weekend this year, so there is a one-day extension.
How Can You Track the Progress of Your Return?
How do you check the status of your tax refund now that you know how long does it take to get a tax refund?
To inquire about the status of your tax return with the CRA, you will require the following details:
● Your social security number
● Your birth date.
● The Total Income amount is determined and entered on line 150 of your tax return for the current or prior year.
You can review the condition of your return by logging in to the CRA My Account page and clicking the Tax Returns tab.
You can also try contacting the CRA explicitly.
What are the contributing factors to the refund delay?
There are several considerations why your return may not be well processed as fast as it should, resulting in a postponement in receiving your refund.
The most obvious cause for a refund delay is if your return was shortlisted for review, but the CRA may also defer your refund under the following circumstances:
● In case you owe or are about to owe a balance.
● You owe the government money for things like student loans, unemployment benefits, etc.
● You are entitled to a refund of $2 or less.
In such cases, it is always worth consulting with professional CAs, and Taxants Canada is one such example. They have years of professional experience and can assist you if you have complications getting your income tax refund.