What Happens After You File Your Taxes
Hello All,
In this instalment of tax season updates (which I'm sure you are all very excited about), I thought it would be useful to discuss what happens after you file your tax return
Once you (or your accountant) have submitted your return, most of the work is done. Unfortunately, as most of you know, it isn't quite the end.
You’ll receive a Notice of Assessment (NOA)
CRA (Revenue Canada) typically processes electronically filed returns within two weeks (and sometimes even immediately!). Your NOA confirms whether you’re getting a refund, owe taxes, or have a zero balance. It might also include adjustments or a request for more information.
You can check your NOA through CRA’s My Account, or wait for it to arrive in the mail, if you are not signed for my account.
Your NOA also includes your updated RRSP contribution room—something to keep in mind when planning current-year contributions.
Article: Understanding Your NOA
Video: How to find and read your NOA
If you're getting a refund
Refunds usually arrive within 5 to 10 business days if you’re set up for direct deposit. If not, CRA will mail you a cheque.
If you owe taxes
If you haven’t paid yet, interest starts accruing after April 30. CRA may send a Statement of Account showing your updated balance including interest. You can pay online or set up a pre-authorized debit through My Account.
tax installments this year
If you owed more than $3,000 in taxes this year and last year, CRA may ask you to make quarterly installment payments. If that happens, you’ll receive a separate installment reminder with due dates and payment amounts.
If you expect to owe less tax this year, you can adjust your installment payments based on your own estimate. Just be aware that CRA may charge interest if the installments fall short of what you ultimately owe.
Article: Small businesses and instalments
Adjusting your return
f you realize after filing that you missed a deduction, forgot to report income, or made another error, you can request a change using the T1 Adjustment (T1-ADJ).
Important: Wait until you receive your Notice of Assessment before submitting a change.
You can amend your return online through CRA My Account or by submitting the T1-ADJ form by mail. In most cases, you can adjust returns from up to 10 years ago. CRA will reassess your return and issue an updated NOA.
Article: Amending your tax return after filing
Keep your records
Even if CRA accepts your return as filed, they can request supporting documents for up to six years. Be sure to keep your receipts, working papers, and a copy of your return.
For the majority of you, the post tax filing stage will be relatively simple and stress free. My advice, though, is to always respond to any requests for information or payment as promptly as possible.
Wishing all of you a great weekend!
Ronika
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New Content (QBO and TAx)
Video: How to enter (corporate) income taxes in QBO (including chart of accounts, payments, refunds and reporting)
Article: Common transactions that use journal entries in QBO
Article: How to Find Any Transaction in QBO
Related Video: How to Find Transactions in QBO Using Search and Audit Logs
Video: 5 Things To Know Before Filing Your Self-Employed Taxes
Video Playlist: Help with your Small Business/Self Employed Taxes
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