If you opened your bank account balance and saw a surprise deposit labelled, “Canada RIT” then you may have received some money from the Canada Revenue Agency. Canada RIT stands for Canada Refund Income Tax. It is a tax refund that some Canadians receive after filing their tax to the Canada Revenue Agency.
However, not all Canadians receive a RIT right away. Sometimes, you’ll see it show up in your bank account months later at a random date. Due to showing up at randome times, it’s often called “surprise money”, and yes it’s a great surprise to get.
What does receiving a Canada RIT deposit mean?
Does it mean I’m being audited?
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Does it mean my taxes were reassessed?
Does it mean I’m in trouble?
Was the Canada RIT deposit a mistake from the CRA?
These are all valid questions. If you received the funds right after filing your yearly taxes, then it’s likely just a regular tax return. If you received the funds unexpectedly, it can mean your taxes were reassessed. If the CRA did reassess your taxes, then you’ll likely have received a Notice of Reassessment by mail or via your CRA account. It does not mean you’re in trouble or being audited.
Who is eligible to receive Canada RIT deposits?
Any Canadians who files their taxes, as well as Canadian businesses who file taxes, can receive a Canada RIT deposit.
What should I do if I receive a Canada RIT deposit?
The first step, if you don’t know why you received it, is to verify why you received the money. Log into your CRA account and you’ll be able to see why you received a credit deposit. If you don’t have a CRA My Account, and didn’t receive any forms in the mail, then you can also give them a call to confirm.
Next, you can spend the money however you like! We advise putting the extra money to work by depositing into a high-interest savings account or by investing it with a trading platform like Questrade.
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About The Author: Arthur Dubois
Passionate about personal finance and financial technology, Arthur Dubois is a writer and SEO specialist at Hardbacon. Since his arrival in Canada, he’s built his credit score from nothing.
Arthur invests in the stock market but doesn’t pay any fees because he uses National Bank Direct Brokerage online broker and Wealthsimple’s robo-advisor. He pays for his subscriptions online with his KOHO prepaid card, and uses his Tangerine credit card for most of his in-store purchases. When he buys bitcoins, it’s with the BitBuy online platform. Of course it goes without saying that he uses the Hardbacon app so that he can manage all of his finances from one convenient place.
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