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What is Canada RIT? (2021)

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Have you received a deposit in your bank account called Canada RIT?

Canada RIT stands for Canada Refund Income Tax. So essentially while this isn’t always what shows when you get a tax refund, if you do receive a deposit named Canada RIT it is probably for your tax refund.

This deposit will usually arrive after you file your taxes, however there are other cases when this deposit can arrive.

If you’ve received this deposit at a random time during the year, your taxes have possibly been reassessed. No cause for alarm, can happen and if it does, you should receive a Notice of Reassessment in the mail which will outline the refund if that’s the case.

I highly suggest setting up your CRA My Account for instant, online access to all of your tax documents, notices and the capability to do a number of things online that were either previously done by mail and also for payments that were previously completed physically at the bank.

There are similar deposits and we have some details on the Canada PRO Deposit as well as the Canada FPT Deposit.

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Mia Nancy

An avid writer for over 15 years, Mia loves digging into the evolution of technology and how it can better the lives of Canadians. When she's not writing, catch her biking around Vancouver keeping tabs on the latest and greatest restaurants.