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Jul 20, 2023 · Inheritance tax refunds: Are you due one amid falling property prices? Inheritance tax refunds are set to rise amid the current house market slump - but it must be proactively claimed. We...
- Overview
- On this page
- When to expect your refund
- Check the status of your refund
- Understand your refund
- Transfer your refund
Reminder: The Canada Revenue Agency has resumed its work to address taxpayer debt. Benefit and credit payments, and tax refunds may be applied to pay down outstanding balances. If your debt repayment causes significant financial hardship, contact the CRA directly to discuss your options even if you already have a payment plan in place. For more inf...
•When to expect your refund
•Check the status of your refund
•Understand your refund
•Transfer your refund
How you file your return can affect when you get your refund.
The CRA's goal is to send you a notice of assessment, as well as any refund, within:
•two weeks, when you file online
•eight weeks, when you file a paper return
These timelines apply only to returns that are received on or before the due date.
Refunds may take up to 16 weeks if you live outside Canada and file an Income Tax and Benefit Return for Non-Residents and Deemed Residents of Canada.
How to check your refund status
If you reside in Canada, wait eight weeks before contacting the CRA for an update on your tax return and refund status. If you reside outside Canada, wait 16 weeks. Online: My Account gives you secure online access to your tax return information. Sign in to My Account to check the status of your tax refund. Sign in to My Account Register Alternative: MyCRA mobile app By phone: Check your refund status by phone Before you call To verify your identity, the CRA may ask for: you social insurance number your full name and date of birth your complete address line 15000 from your most recent notice of assessment Telephone number 1-800-959-1956 Hours Always open (automated line) No wait times
If you don't understand how the CRA calculated your refund, read your notice of assessment or call the CRA for help.
By phone: Get help understanding your tax refund
Before you call
To verify your identity, the CRA may ask for:
•your social insurance number
•your full name and date of birth
Transfer your refund to an instalment account
You can ask the CRA to transfer your refund to your 2023 instalment account by: choosing this option when you file your tax return electronically attaching a note to your paper return The CRA will transfer the full amount of your refund directly to your instalment account. It will go toward any amount owing on your tax return. The CRA will consider this payment received on the date your return is assessed. For more information, see Payments for individuals.
Note
The CRA will not transfer your refund to pay another person’s amount owing.
Mar 13, 2024 · While Canada does not levy a direct inheritance tax, there are still tax implications that beneficiaries and executors must navigate. Understanding these nuances is crucial for effective estate planning and ensuring a smooth transition of assets.
Mar 21, 2023 · Mistaken overpayments of tax refunds may be caused by a number of things, such as: Clerical errors with the CRA (which aren’t your fault) Improperly claimed tax deductions and credits. Recent...
Nov 24, 2023 · In early 2020, the Canada Revenue Agency came to believe it had made a $63-million mistake. The sum, the agency concluded, had been paid out in "illegitimate" tax refunds as part of what it...
Jan 23, 2024 · If you receive property as a gift, you are generally considered to have acquired the property at its fair market value (FMV) on the date you received it. Similarly, if you win property in a lottery, you are considered to have acquired this prize at its FMV at the time you won it.
People also ask
Are inheritance tax refunds set to rise?
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What happens if you don't pay taxes on inheritance in Canada?
Nov 20, 2023 · The inheritance you receive is not taxable as it has already been taxed on your loved one’s final return. If you’re the legal representative of your deceased loved one, you may be responsible for amounts owing on the estate, if you do not get the proper paperwork cleared with the CRA.
