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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.
Also Read: Capital Gain Income Tax in Canada
Your Deposits Can Also Be Noted As:
Canada PRO
A Canada Pro Deposit payment for eligible Ontario and Alberta residents is a government-sponsored program that is devised to deliver monetary help to low-income households in Canada.
The main goal of Canada PRO is to give people the strength to have a plan in case of an emergency and to make it easier for people who are having money problems.
Canada FPT
FPT is a shortened form for Federal-Provincial Tax Credit. It’s a government program that provides money to citizens who qualify. The credit is split between the federal and provincial governments, and it’s applied to your income tax return.
If you’ve received money from FPT, it will show up on your bank statement as a deposit from the Canadian government.
