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Canada RIT meaning on bank statement

If you got a direct bank deposit labeled as Canada RIT on your bank statement, you might want to know what exactly Canada RIT means.

I know out of curiosity, you will want to know what it is and what it is all about, especially if this was an unexpected deposit.

Well, that is all that this post promises to share with you.

Everything you need to know about Canada RIT.

What triggers this curiosity is when you receive a payment in your bank account of any amount that is labeled as “Canada RIT”.

If you are not conversant with it, you will want to find out more about it.

So the big question now is;

What is Canada RIT?

Canada RIT is simply an acronym that represents a “Refund of Income Tax”.

This is usually credited from CRA and it could be your tax refund.

So if you are getting a deposit with Canada RIT as some of the details of the transaction, then it is possible that the account you received the deposit is possibly the account details you left.

This agency is the one responsible for crediting your account with your Canada fund income tax.

If you are getting this Canada RIT in your deposit description and it is shocking to you, be sure that you are not running a joint account with your spouse or any of your loved ones.

So if you were in doubt what Canada RIT could mean, now you know it.

It is in the bloodline to celebrate and throw parties once money shows up your checking account.

That’s indeed a common way to spend money but you will agree with me that it is also an effective way to throw money into the trash can.

Though if you have some more specific questions regarding Canada RIT, I will be here to make sure I attend to them so keep them coming.