I’d guess this is the issue too. I haven’t received one for an AC-initiated cancel, but have received them for itineraries I’ve canceled that got put back to an AC Travel Voucher. Took about 4-5 weeks to get sent the voucher info., then about another 3 days for the funds to be loaded. Why they would send the info. out before it’s loaded is beyond me (or why it takes an additional 3 days after taking weeks to produce the voucher in the first place).

This is definitely a pain on AC vs. here in the US. United FFCs arrive within seconds of you canceling a flight and are available for use immediately. Even when I’ve had manually credited ETCs, the most I’ve waited is maybe 2 or 3 days (after being given a timeline of ‘within 10 business days).