What Happens After You File Your Taxes
Congratulations if you’ve filed your tax return! This is a major milestone but, unfortunately, it’s not quite the end of the process. Once your return is submitted, there are a few important things to watch for, act on, and keep in mind. This guide walks Canadian individual taxpayers and small business owners and self-employed individuals filing a T2125, through everything that happens after you file, so you are prepared for the aftermath.
Table of Contents
You’ll Receive a Notice of Assessment (NOA)
The first thing to expect after filing is your Notice of Assessment (NOA) from the Canada Revenue Agency (CRA). If you’re in Quebec, you’ll also receive one from Revenu Québec.
The NOA confirms whether your return has been accepted as filed, whether you’re receiving a refund, owe a balance, or have a zero balance. It may also include adjustments or a request for more information.
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.
Your NOA also includes your updated RRSP contribution room for the following year, which is worth noting for tax planning purposes.
Related: Understanding Your Notice of Assessment
If You’re Getting a Refund
If you’re 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.
If you haven’t already, setting up direct deposit through CRA My Account is strongly recommended — it’s faster, more secure, and eliminates the risk of a lost cheque.
If You Owe Taxes
If your return shows a balance owing and you haven’t 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.
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.
If you’re unable to pay the full amount, it’s worth contacting CRA directly. In some cases, payment arrangements can be made, and acting promptly helps minimize additional interest and penalties.
Tax Installments: What They Are and Who Needs to Pay Them
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’s tax bill, due in March, June, September, and December.
CRA will send installment reminders if they believe you meet the threshold. You can use CRA’s suggested amounts, base them on your prior year’s taxes, or estimate based on your expected current-year income. If your installments fall short of what you ultimately owe, CRA may charge interest.
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.
Related: Small Businesses and Tax Installments
What Self-Employed Canadians Need to Watch For Specifically
If you’re self-employed or run a small business, there are a few additional post-filing considerations beyond what most employees face.
The June 15 filing deadline does not extend your payment deadline
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’re expecting to owe, it’s worth estimating your balance and making a payment before April 30 even if you haven’t finalized your return.
HST/GST and QST remittances are separate from your income tax return
Filing your T1 does not mean your sales tax obligations are settled. If you’re 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.
Review your NOA carefully for T4A adjustments
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.
Start setting aside taxes for next year now
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’ll need (and keeping it in a separate account ) means next year’s tax bill will feel much more manageable.
How to Amend Your Return If You Made a Mistake
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.
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.
Related: How to Amend Your Tax Return After Filing
How Long to Keep Your Tax Records
Even after CRA accepts your return, they can request supporting documents for up to six years from the end of the tax year in question. For small business owners, this means keeping receipts, invoices, bank statements, and a copy of your filed return for at least six years and ideally seven to be safe.
Organized, accessible records make responding to any CRA requests significantly less stressful. Digital backups are strongly recommended.
Related: How Long to Keep Your Business Documents According to CRA
The Bottom Line
For the majority of Canadians, the post-filing period is straightforward. You’ll receive your NOA, confirm your refund or pay your balance, and move on. The most important thing is to respond promptly to any correspondence from CRA or Revenu Québec, and to use this time of year to put better habits in place for the year ahead.
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