You can be a freelancer, a self-employed worker or even a small business owner; but, when you’re in Canada, the Canadian Revenue Agency (CRA) will always handle your income tax return. If you take help from tax consultants in Toronto, it’s a common procedure to receive the Notice of Assessment (NOA) within two weeks, if you file electronically. But, how can you receive your online tax refund in the quickest way possible?
Filing income tax return online is easier than it is usually believed to be. In fact, around 90% Canadians file their tax returns electronically. The CRA’s tax return process begins around the 2nd week of February. But, you need to start filing early since there’s always a chance to miss the deadline. Although, after filing tax return, you need to wait around four weeks and can check the tax refund’s status around the 3rd week of March.
For corporate tax consultants in Toronto, it’s crucial to know how long the tax refund will take to process after you choose the mode of receiving it. The CRA determines the amount of time required to process depending on when you’ve filed the tax return. And hence, online filing is considered to be the easiest and safest method of doing so.
Lets’ consider a scenario where you’ve filed a tax return on paper before mid-April. In that case, compared to the electronic method, it’ll take around two more weeks to get your refunds. Thus, you need to file your income tax return at the earliest to have your refund processed soon.
However, to get the best information, it is perfect to contact the CRA, either directly or by visiting their website. It asks for specifications such as your date of birth, total income etc. to process the way you’ll receive your income tax refund.
At Accounting & Tax, a tax consultation service in Toronto, we provide our clients – individual or corporate – with the easiest ways to receive their income tax refund. Our professional expertise has helped our clients across Canada for nearly two decades at extremely affordable rates.
