TaxRefund #CanadaRevenueAgency #IncomeTax #Finances
Hey everyone! So, I received a tax refund from CRA in May 2024, and surprise surprise, I just got the same refund again today! 🤔 Has this ever happened to anyone else?
I’m assuming it’s an error on their end and they’ll probably want it back eventually, right? I’ve stashed the money away in my savings account and I’m not planning on spending it. But I could really use some advice on how to handle this situation properly.
Here’s what I’m thinking of doing:
- Contact CRA: Reach out to them to let them know about the duplicate refund
- Ask for clarification: Confirm if they want the money back and any instructions on how to proceed
Any other suggestions or similar experiences you can share? Let’s discuss and help each other out! 💡💰 #FinancialAdvice #TaxHelp
Call them?
I’d leave it in the same account they deposited it to in case there’s a transaction to reverse the deposit so you don’t go into overdraft
put in a TFSA if you have room and have a TFSA, it not make one and put it in there. EQ bank has one that gives 3% interest. Make some interest while you wait for them to contact you.
For all the people saying call them, I’m just saying if you overpaid them, no one would be calling you. But definitely don’t go and spend it lol
Check your CRA MyAccount. Look at the account transactions. Chance of it being “double paid” is extremely low
I wouldn’t take it out of the account it’s in unless you can cover a debit of that amount when CRA figures the mistake and “just takes it”. Yes. They can and do, do that.
If it was me I’d check myaccount and see if there’s a notice.
If nothing I’d let it sit for a week in the accout to see if it’s reversed (highly unlikely).
Then yeah follow other people’s advice and park it in a high interest, high liquidity account/investment and see how many bucks you can get until they ask for it back.
Just wait for them to ask for it back
Oh, I didnt get refunded twice.
*angrily shakes fist at cra*
Meanwhile I’m still waiting on the first payment of my $10k refund (2 months later after submitting the requested audit docs)
Ooo. CRA made a 10000 error on my account once about 2 years ago…they notified me of the error and said as THEY had made the mistake I could keep the money.
Bank error in your favour. Collect $5,100.
(And put it in a HISA until they ask for it back.)
I called CRA, and said Hey, gold-tears got their refund twice, how come I only got mine once and when do I get the second one? The agent seemed really confused, and implied I could only get it once.
Sorry if they come after you.
Sweet. I’m still waiting to get mine for the first time this year.
Unlikely this is the CRAs fault. This is likely an incorrect tax return that was filed which CRA will determine as your fault and will charge you interest. You need to figure out what was filed and if it was an actual mistake on your tax return or not.
If it’s an error, There’s not a chance you’ll get away with keeping this. Might take days, months or even years but I can guarantee they’ll notice eventually and want it back.
All on red
Update: it is my money. I applied for DTC and they reassessed my last 10 years returns. $5.1k is the sum of return from the year 2022, 2021 and 2020.
Here is what you do – write them – send it registered mail – telling them of the error and as of the date of your letter you will not be responsible for interest penalties or any other charges related to their over payment. This does two things one it puts them on notice too prevent you from getting 5% interest and then charging you 10% and if they are normal CRA you will get a notice to send it back in 8-10 mths and you get to pocket the interest. Don’t think for one minute they won’t charge you if you did not make reasonable attempt to notify and return the funds ……
Contact them.
I would say be aware of the fact that they might simply try to pull it back out and if you’ve moved it to a HISA then you may be overdrawn in the account they deposited it in.