The first quarter of the year is what I consider a crucial moment that directly affects my financial goals, and the first on the list is getting my CRA tax refund as fast as possible without spending.
In just 10 days I will have the much-awaited tax return in my account.
As to how much is a top-secret information, but how did I do it is what I’m going to gladly share. If it is your first time of filing, I suggest you to read the General and Income Tax Benefit Guide.
And as I’ve expressed before, I’m going to file the income tax return online though I’m surrounded by doubts and negative notion. Well, I’m glad I did. I highly suggest for you to give it a try whether you are a beginner or a tax payer still preferring the conventional way through snail mail.
Just a reminder, if you are planning to submit online, this post is very much applicable and timely; otherwise, you can still glean some tips that are surely helpful.
How to Get CRA Tax Refund: Fast and Easy
- Prepare your income tax return using Studio Tax, a free software. If you want an easy-to-use, fast software, it is just what you need. Make sure all the receipts and credits are claimed, but don’t worry Studio Tax will remind you of the credits you can possibly claim while using the wizard.
- Create a NETFILE using your chosen software. The file name will have a “.tax” an extension name. I also use Turbo Tax Basic which at times shows a little bit higher refund.
- Make sure your personal information is updated and similar to the record of CRA. Otherwise, you cannot make an online submission until the update occurs. Change your address and other information by logging in your “My Account” which is just one of the many easy methods. Date of birth and social insurance number are the information you have to provide before submitting the NETFILE.
The first set of steps is all about preparing and submitting the income tax return online. If you are thinking of filing via snail mail maybe it is time to consider the electronic method.
How to Check CRA Tax Refund Status
According to CRA if you have a direct deposit you can get your refund within eight days from the day of NETFILE filing.
- While waiting, I occasionally check through “My Account.”
- If you’re not yet registered try the “Quick Access” and don’t forget later on to create an account which shows tax and finance information such as RRSP and TFSA contribution limit.
- If within two weeks and you haven’t received the refund call Telerefund (1-800-959-1956) or log in on CRA. ( My Account is so invaluable that you really must have one. Sorry for harping too much about this.)
That’s how fast and easy you can receive the tax refund in less than 2 weeks. This is by far a great improvement compare to last year which left me in more than a month in waiting.
So from now on I’m going to submit online, use a free tax software, and avail from all the credits and refunds I am qualified. Most importantly, I’ll make sure to increase the tax refund and avoid owing the CRA which is worse than not having a refund at all.
Tax Tips from Canada Agency Revenue
- Read more tax tips straight from Canada Agency Revenue
- Check the status of your refund
- Make a direct deposit for your refund and credits
How are you doing so far?
Still considering the online filing or digging in your drawers or cabinets for that elusive (but more likely misplaced) receipt.
Take your time. And once you have all the invoices, don’t waste time: file online and get your CRA tax refund.
Updated: January 3, 2015