CRA Refund Status "Assessed" but No Money: What to Do Next in 2026

The most stressful part of tax season isn't filing—it’s the "Ghost Period" between the CRA processing your return and the money actually hitting your account. In 2026, millions of Canadians will see the status "Assessed" in their CRA My Account, only to find their bank balance hasn't moved.

The "Street Angle" for 2026 is that the CRA’s "Assessment Date" is not a "Deposit Date." It is simply the day the CRA finalized their math and generated your Notice of Assessment (NOA). There is a technical lag between the CRA hitting "send" and the banking system clearing those funds. If you are staring at an empty account, you need to understand the "3-Day Rule" and the "Debt Set-Off" trap that is catching thousands of taxpayers this year.

As part of our Canada Payment Guide, this guide explains exactly why your money is missing and provides a countdown for when it will finally arrive.

1. The "3-Day Rule" for 2026 Direct Deposits

If your status changed to "Assessed" today, don't panic. The banking system in Canada still operates on a standard processing window.

• The Math: If your NOA date is set for Monday, March 9, 2026, the CRA technically releases the file to the banks on that day.
• The Delay: Most major banks take 2 to 3 business days to verify and "clear" the electronic transfer.
• The Arrival: You should expect the funds to settle in your account by Thursday, March 12, 2026.

2026 Bank Deposit Times (Typical)

• TD Canada Trust: 3:00 AM – 6:00 AM EST
• RBC Royal Bank: 2:30 AM – 5:30 AM EST
• Scotiabank: 1:00 AM – 4:00 AM EST
• BMO: 12:00 AM – 3:30 AM EST
• Tangerine/Simplii: Often 1 day earlier than the "Big Five" (around 10:00 PM the night before).

2. "Assessed" but $0: The 5 Hidden Reasons

Why is my CRA status "Assessed" but I haven't received my refund? The most common reason is the Notice of Assessment (NOA) Lag, where the status updates in My Account up to 3 days before the money is released to your bank. However, if it has been more than 5 business days, the CRA may have triggered a Debt Set-Off, meaning your refund was automatically used to pay back government debts like student loans, EI overpayments, or unpaid family support. Other reasons include incorrect direct deposit info, a mailed paper cheque (if direct deposit failed), or a concurrent reassessment of a previous year.

Refund Recovery Hacks

This deep dive identifies the specific "Blockages" that stop your 2026 refund even after the computer says you are "Assessed."

1. The "Debt Set-Off" Trap (The Silent Killer)

A massive search trend for 2026 is "why did my refund go to $0 after assessment."

• The Reality: The CRA is the "Super-Collector" for the government.
• The Hack: If you owe money for Shared Custody CCB Overpayments, Canada Student Loans, or Provincial Social Assistance, the CRA will "Assesses" your return, calculate your refund, and then immediately seize it to pay that debt.
• The Move: Check your "Account Collections" tab in My Account. If your refund shows as "Applied to Debt," you won't see a dime in your bank account.

2. The "Notice Issued" vs. "Assessed" Confusion

Users often search for "difference between assessed and notice issued CRA."

• The Technical Angle: "Assessed" means the computer has finished the math. "Notice Issued" means the Notice of Assessment (NOA) has been physically or digitally mailed.
• The Strategy: The money almost always arrives within 48 hours of the "Notice Issued" date, not the "Assessed" date.
• The Move: Look for the specific "Target Date" in the CRA Progress Tracker. If the target date is in the future, your money is still in the queue.

3. The "Direct Deposit Failed" Cheque Delay

If you changed banks recently, you might be looking at a cheque delay.

• The Hack: If the CRA tries to deposit your refund and the bank rejects it (due to a closed account), the system automatically triggers a Paper Cheque.
• The Delay: A paper cheque takes 10 to 15 business days to arrive via Canada Post.
• The Strategy: Check your "Direct Deposit" settings in My Account right now. If the last 3 digits of the account number are wrong, your "Direct Deposit" has already failed.

4. The "Security Verification" Review

Many 2026 filers are seeing "Assessed" followed by a sudden status change back to "In Progress."

• The Reason: This is a "Concurrent Reassessment." If you claimed a new credit (like the Multigenerational Home Renovation Credit), the CRA might assess your 2025 return and then immediately pull your 2024 return for a "spot check."
• The Move: Do not call the CRA yet. They will not speak to you until 10 business days have passed since the original assessment date.

5. The "CRA Set-Off" Hardship Waiver

If you desperately need your refund for rent but the CRA seized it for a student loan debt:

• The Hack: You can request a Financial Hardship Waiver.
• The Strategy: Call the CRA Collections line (1-800-675-6184). If you can prove you are at risk of eviction or have no money for food, they can sometimes "release" the set-off and send you the refund anyway.

4. Summary: When Will My Money Hit?

CRA Assessed but No Money

How long after my CRA status is "Assessed" will I get my refund in 2026? If you have direct deposit, you will typically receive your refund within 2 to 3 business days of the status changing to "Assessed." While the CRA processes the return immediately, Canadian banks require time to clear the funds. If your money hasn't arrived after 5 business days, check your CRA My Account for a "Debt Set-Off," which means your refund was used to pay other government debts like student loans or EI overpayments.

Frequently Asked Questions (FAQ)

Q: Can I track my refund on a mobile app?

A: Yes. Use the MyCRA mobile web app. It provides a "Progress Tracker" that shows you the exact stage of your 2026 return.

Q: My status says "Assessed" but the amount is different than I filed. Why?

A: The CRA likely found an error or a missing T4. Check your Notice of Assessment under the "Explanation of Changes" section. They may have also applied a Late-Filing Penalty if you missed the April 30th deadline.

Q: What if I have an "Uncashed Cheque" from years ago?

A: Go to the "Uncashed Cheques" section in My Account. If there is a "Ghost Refund" from a previous year, you can re-issue it with one click, and it will arrive with your current refund.

Q: Does filing early on February 23rd mean I get paid faster?

A: Yes. The "First In, First Out" rule applies. Those who e-file in the first week of the season often see their status move to "Assessed" in as little as 8 business days.

About the Author

Jeff Calixte (MC Yow-Z) is a Canadian labour market researcher and digital entrepreneur specializing in government benefit data and cost-of-living support. As the founder of CanadaPaymentDates.ca and BetterPayJobs.ca, Jeff helps newcomers, students, and workers navigate the Canadian social safety net—from tracking CRA payment schedules to finding entry-level work.

Sources

1. CRA: After You File: Processing Times and NOAs 2026
2. CRA: Refunds: Direct Deposit and Set-offs
3. Credit Canada: Why is my tax return taking so long?

Note

Official 2026 payment dates and benefit amounts are determined by the Canada Revenue Agency (CRA) and provincial governments. While we strive to keep this information current, government policies and schedules are subject to change without notice. All data in this guide is verified against official CRA circulars at the time of publication and should be treated as an estimate. We recommend confirming the status of your personal file directly via CRA My Account or by calling the CRA benefit line at 1-800-387-1193.