When I pushed back after receiving the above email, the rep decided that since I had a refund number from AC, that maybe he could look into it. Came back shortly afterward, now claiming that they need 60 business days (12 weeks plus holidays) to process a refund, so to answer the original question, yes, it would appear that three months is the standard refund time for Air Canada. They can throw whatever promotion they want out there, I won't be booking anything with them for a very long time.