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The first thing to expect after filing is your Notice of Assessment (NOA) from the Canada Revenue Agency (CRA). If you\u2019re in Quebec, you\u2019ll also receive one from Revenu Qu\u00e9bec. <\/p>\n
The NOA confirms whether your return has been accepted as filed, whether you\u2019re receiving a refund, owe a balance, or have a zero balance. It may also include adjustments or a request for more information. <\/p>\n
For electronically filed returns, CRA typically issues an NOA within two weeks and often immediately. Paper-filed returns can take several months. You can access your NOA anytime through CRA My Account. <\/p>\n
Your NOA also includes your updated RRSP contribution room for the following year, which is worth noting for tax planning purposes. <\/p>\n
Related: Understanding Your Notice of Assessment<\/a>\u200d \u200d<\/p>\n If you\u2019re owed a refund, the timeline depends on how you set up your account. With direct deposit through CRA My Account, refunds typically arrive within 5 to 10 business days of your NOA. Without direct deposit, CRA will mail you a cheque, which takes considerably longer. <\/p>\n If you haven\u2019t already, setting up direct deposit through CRA My Account is strongly recommended \u2014 it\u2019s faster, more secure, and eliminates the risk of a lost cheque. <\/p>\n If your return shows a balance owing and you haven\u2019t paid yet, interest begins accruing after April 30, regardless of your filing deadline. For self-employed individuals whose filing deadline is June 15, this is an important distinction: the filing deadline is extended, but the payment deadline is not. <\/p>\n CRA may send a Statement of Account showing your updated balance including any interest charges. You can pay online through your bank, through CRA My Account, or by setting up a pre-authorized debit. <\/p>\n If you\u2019re unable to pay the full amount, it\u2019s worth contacting CRA directly. In some cases, payment arrangements can be made, and acting promptly helps minimize additional interest and penalties. <\/p>\n If you owed more than $3,000 in net taxes in the current year and either of the two previous years, CRA may require you to make quarterly installment payments going forward. These are prepayments toward your next year\u2019s tax bill, due in March, June, September, and December. <\/p>\n CRA will send installment reminders if they believe you meet the threshold. You can use CRA\u2019s suggested amounts, base them on your prior year\u2019s taxes, or estimate based on your expected current-year income. If your installments fall short of what you ultimately owe, CRA may charge interest. <\/p>\n For self-employed individuals and small business owners with variable income, installments can feel challenging. The key is set up a system and reminders to ensure instalments are paid to avoid unnecessary interest charges. <\/p>\n Related: Small Businesses and Tax Installments<\/a>\u200d \u200d<\/p>\n If you\u2019re self-employed or run a small business, there are a few additional post-filing considerations beyond what most employees face.\u200d \u200d<\/p>\n Self-employed individuals have until June 15 to file their T1 return, but any taxes owing must still be paid by April 30 to avoid interest charges. If you\u2019re expecting to owe, it\u2019s worth estimating your balance and making a payment before April 30 even if you haven\u2019t finalized your return.\u200d \u200d<\/p>\n Filing your T1 does not mean your sales tax obligations are settled. If you\u2019re registered for GST\/HST or QST, make sure your remittance deadlines are on your radar. For self-employed individuals who file annually, the GST\/HST return is due June 15 with payment due April 30.\u200d \u200d<\/p>\n CRA cross-references T4A slips (fees for services) with self-employment income reported on your T2125. If a T4A was not reflected correctly on your return, CRA may assess additional income. Check your NOA against what you filed and address any discrepancies promptly.\u200d \u200d<\/p>\n One of the most effective habits for self-employed Canadians is to treat a portion of every payment received as money that is already owed to CRA. Setting aside more than you estimate you\u2019ll need (and keeping it in a separate account ) means next year\u2019s tax bill will feel much more manageable.\u200d \u200d<\/p>\n If you realize after filing that you missed a deduction, forgot to report income, or made an error, you can request a change using the T1 Adjustment (T1-ADJ). Important: wait until you have received your Notice of Assessment before submitting an amendment.\u200d \u200d<\/p>\n 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 going back up to 10 years. CRA will reassess your return and issue an updated NOA.\u200d \u200d<\/p>\nIf You\u2019re Getting a Refund <\/h2>\n
If You Owe Taxes <\/h2>\n
Tax Installments: What They Are and Who Needs to Pay Them <\/h2>\n
What Self-Employed Canadians Need to Watch For Specifically\u200d \u200d<\/h2>\n
The June 15 filing deadline does not extend your payment deadline\u200d \u200d<\/h3>\n
HST\/GST and QST remittances are separate from your income tax return\u200d \u200d<\/h3>\n
Review your NOA carefully for T4A adjustments\u200d \u200d<\/h3>\n
Start setting aside taxes for next year now\u200d \u200d<\/h3>\n
How to Amend Your Return If You Made a Mistake\u200d \u200d<\/h2>\n