RIT/RIF on Your Bank Statement

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Andrew Goldman

Andrew Goldman has been writing for over 20 years and investing for the past 10 years. He currently writes about personal finance and investing for Wealthsimple. Andrew's past work has been published in The New York Times Magazine, Bloomberg Businessweek, New York Magazine and Wired. Television appearances include NBC's Today show as well as Fox News. Andrew holds a Bachelor of Arts (English) from the University of Texas. He and his wife Robin live in Westport, Connecticut with their two boys and a Bedlington terrier. In his spare time, he hosts “The Originals" podcast.

There is no better feeling than eyeballing your checking account and spotting a credit—especially for money you weren’t expecting. A common credit that Canadians find is “RIT/RIF.” This is a tax credit that the Canada Revenue Agency (CRA) can direct deposit into your bank account.

What is RIT/RIF?

RIT refers to refund of income tax. (This payment is also sometimes referred to as RIF.) A Canada RIT/RIF payment is, simply put, a tax refund that you get after filing your income tax return.

Getting a Canada RIT payment can seem like a windfall—a good opportunity for a little fun spending. Or you might see it as the universe’s way of encouraging you to start investing. Maybe you can get a jump on this year’s RRSP contribution for your retirement. Or maybe you’ll want to use the money before you’re old and instead invest through a TFSA. Both accounts have certain irresistible features. How you invest is between you, your accountant, and your partner if you have one.

Frequently Asked Questions

The RIT from the Canada Revenue Agency is an income tax refund that will land in your account by direct deposit after you have filed your tax return.

RIF is another name for RIT; this tax refund is typically called RIT/RIF.

To get an RIF in Canada, you must be eligible for a tax refund on your income or business tax return. You will receive this refund in the form of an RIT/RIF deposit.

Last Updated April 29, 2022

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