Personal Finance

What is CANADA RIT :?:

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  • Apr 23rd, 2017 12:48 pm
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[OP]
Jr. Member
Oct 25, 2005
159 posts
Toronto

What is CANADA RIT :?:

I received a payment in one of my bank accounts of $91.36 with the details CANADA RIT. Funny thing this is not the account I use for my Tax and GST direct deposits, while any inflow into my account is welcome I really would like to anyone know what the RIT thing is before I start to know what to think
14 replies
Deal Addict
Apr 21, 2002
2654 posts
2 upvotes
RIT stands for Refund of Income Tax, it's a direct deposit from CRA. It could be your tax refund, or a GST credit. Usually GST will be called GST Rebate though.

You sure that is not the account you gave CRA?
[OP]
Jr. Member
Oct 25, 2005
159 posts
Toronto
Thanks D-Sisive, this account is a joint account for my spouse and I, so this mysterious amount is her refund. Mine was deposited into another account and called "EFT CREDIT CANADA" hence my confusion when I saw the CANADA RIT description. Thanks once again
Sr. Member
Aug 30, 2010
976 posts
81 upvotes
Sorry for old thread bump. I owed taxes this year and I paid my taxes last week (yes late payment), however this morning I saw that I got a deposit in my bank account from CANADA RIT. It seems too large to be a GST credit. Any explanations?
Deal Addict
Jul 23, 2014
1052 posts
224 upvotes
Toronto, ON
-Skyline- wrote:
Sep 1st, 2015 12:11 pm
Sorry for old thread bump. I owed taxes this year and I paid my taxes last week (yes late payment), however this morning I saw that I got a deposit in my bank account from CANADA RIT. It seems too large to be a GST credit. Any explanations?
haha.. 7 year old bump!
Deal Addict
User avatar
Sep 10, 2009
1251 posts
234 upvotes
Montreal
OMG you're necromancer, you resurrected a dead thread
Deal Addict
Jan 2, 2015
1068 posts
231 upvotes
Toronto, ON
-Skyline- wrote:
Sep 1st, 2015 12:11 pm
Sorry for old thread bump. I owed taxes this year and I paid my taxes last week (yes late payment), however this morning I saw that I got a deposit in my bank account from CANADA RIT. It seems too large to be a GST credit. Any explanations?
It's a little doubtful a GST payment was made today, but if you skipped a year or two you could have gotten a lump sum.
Deal Addict
Feb 4, 2015
2313 posts
378 upvotes
Sign up for online access to CRA and see if any statements there.
Deal Addict
User avatar
Nov 12, 2011
2396 posts
547 upvotes
Montreal
Everybody is checking their bank accounts for some lunch money now ;)
Deal Addict
User avatar
Apr 26, 2011
1668 posts
878 upvotes
Montreal
I just got a Canada RIT payment, but I haven't submitted my income tax yet... and its a large amount. What gives?
Deal Addict
May 15, 2013
1173 posts
181 upvotes
Montreal
Bulletwithbatwings wrote:
Feb 29th, 2016 7:55 pm
I just got a Canada RIT payment, but I haven't submitted my income tax yet... and its a large amount. What gives?
It was me.
Jr. Member
Oct 24, 2005
102 posts
3 upvotes
Toronto
Bulletwithbatwings wrote:
Feb 29th, 2016 7:55 pm
I just got a Canada RIT payment, but I haven't submitted my income tax yet... and its a large amount. What gives?
Login to your CRA account or call them it is likely your 2014 was reassessed it also happened to me.
Deal Addict
May 28, 2006
2389 posts
178 upvotes
last week I got $1000 refunded on my re-assessed 2014 return. Yes they re-assessed my 2014 twice last year and this year.
Newbie
Apr 22, 2017
2 posts
If you have a CRA business account, it is most likely a "Small Business Job Credit" and it will appear in your bank account with a description of CANADA RIT (Return Income Tax/Tax Return Refund). This will also appear in your CRA business account with transaction description of "Job credit 2016".
"
What’s the Small Business Job Credit?

The Small Business Job Credit will effectively lower small businesses’ Employment Insurance (EI) premiums from the current legislated rate of $1.88 to $1.60 per $100 of insurable earnings in 2015 and 2016. Any firm that pays employer EI premiums equal to or less than $15,000 in those years will be eligible for the credit. Almost 90% of all EI premium-paying businesses in Canada will receive the credit, reducing their EI payroll taxes by nearly 15%.

This credit can be entered as an income or as a reduction in your EI expense.

Source: http://www.fin.gc.ca/n14/14-120-eng.asp
Newbie
Apr 22, 2017
2 posts
If you have a CRA business account, it is most likely a "Small Business Job Credit" and it will appear in your bank account with a description of CANADA RIT (Return Income Tax/Tax Return Refund). This will also appear in your CRA business account with transaction description of "Job credit 2016".

What’s the Small Business Job Credit?
The Small Business Job Credit will effectively lower small businesses’ Employment Insurance (EI) premiums from the current legislated rate of $1.88 to $1.60 per $100 of insurable earnings in 2015 and 2016. Any firm that pays employer EI premiums equal to or less than $15,000 in those years will be eligible for the credit. Almost 90% of all EI premium-paying businesses in Canada will receive the credit, reducing their EI payroll taxes by nearly 15%.

This credit can be entered as an income or as a reduction in your EI expense.

Source: http://www.fin.gc.ca/n14/14-120-eng.asp

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