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Using 100 per cent of your refund to treat yourself also raises the risk you’ll actually end up spending some of your other funds, as well. READ MORE: 5 essential tax tips for last-minute filers If you have a budget - and you should - set aside whatever portion of the refund you normally would for fun activities and put the rest toward savings. They’re your hard-earned money and they should be treated like the rest of your income. Last month, Canada’s auditor general said more than $500 million of double CERB payments had been made through both programs.One of the worst things you can do with your tax refund is blow it on stuff you don’t really need, like new clothes, fancy gadgets or a vacation. Of course, it’s perfectly fine to have a little fun with your cash, but tax refunds aren’t a windfall that just dropped from the sky. The government eventually reversed course and said people who had applied thinking gross income was the requirement would not have to repay benefits.īut the issue of benefit repayments will be a feature of this tax season for filers who may have earned more income than expected last year, or who received CERB payments from both the CRA and through employment insurance. The initial benefit – the Canadian Emergency Response Benefit (CERB) – was rolled out on a ‘trust then verify’ basis, which did not require a 2019 tax filing.Ĭonfusion over whether the $5,000 income eligibility for CERB should be calculated from gross or net income led to many recipients being told they’d need to repay thousands of dollars in aid when the government clarified late last year eligibility was determined by the higher net income bar. Francisco Sorbara, parliamentary secretary to the revenue minister, responded in the House of Commons question period that Canadians should file on time to avoid an interruption of benefits.Ĭanada’s initial benefits rollout last year endured some hiccups as the government scrambled to quickly put measures in place to deal with the economic effect of lockdowns. Last week, the federal government came under pressure from Opposition Conservatives to delay this year’s tax-filing deadline, and Quebec has said it will push its deadline to the end of May.
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More than 90 per cent of tax filers in Canada file electronically. The agency says on-time filings can be processed within 3-5 business days, though it encourages those using paper returns to file early as it can take 10 to 12 weeks to process those returns. “If the CRA needs additional information, it may take up to eight weeks for them to process the application from the time the requested documentation is received,” it added. “Filing on time avoids having your recovery benefit payments paused while we validate your eligibility.”
Canada revenue agency refund verification#
“The CRA has implemented additional up-front verification and security measures for COVID-19 recovery benefits to help ensure that those receiving the benefits are eligible as these benefits were designed to replace income,” the agency says. Newsletter sign-up: Get The COVID-19 Brief sent to your inbox.