Cheers to making the “April 30th deadline”! So… now what? Now it’s a “choose your own adventure” based on your situation. 

  • Are you expecting a tax refund? 
  • Do you owe money? 
  • Are you concerned with the information provided for your tax return? Maybe you gave the wrong address?
  • And finally, do you have all your regular documentation back from the accountants after they filed your tax return? Or maybe just scanned it all to them and still have the originals with you? 

Start your adventure now! 

1. Check the status of your refund

There are two ways of checking your tax return’s status if you’re expecting a refund:

First, you can go online using My Account, and at the top, it should indicate what your return was assessed at and if the return was deposited directly into your account. If you don’t have direct deposit, then there’s a section further down called “Accounts and payments” where you can view a statement of account. Also, you can set up direct deposit, so next year you won’t have to wait for a cheque in the mail. Filed electronically and signed up for direct deposit? Then you could get your refund within eight business days!

A second option for checking your status is calling the CRA’s Tax Information Phone Service (TIPS) at 1-800-959-1956. Be sure to have your SIN number, name and date of birth, complete address, and line 150 from your most recent assessment. The CRA will need this information to confirm your identity before they can release information to you. 

2. Make any outstanding payments

If you have a balance owing for 2020, you can make a payment immediately with these options:

  • The pre-authorized debit service in My Account meaning that you can set up post-dated payments directly from your bank account. And don’t worry, you have the option to make it a one-time thing so you won’t have money coming out of your account repeatedly without you realizing it. 
  • The CRA’s My Payment service allows you to make a payment with a debit card. For paying by credit card, PayPal, or e-transfer, you can follow this link for more information. 
  • A financial institution’s telephone or Internet banking service

Check out our recent blog post all about making a payment to the CRA.

An important note. If you owe a significant amount and think you might have the same issue next year but don’t want to make one large lump sum payment after filing, you can make instalments throughout the year. The easiest way is to go through My Account and make payments, either one time or recurring, and pay a little throughout the year. This payment will go towards your next year’s return, and if you paid more than you needed to, you would get it back next tax time. 

3. Make a change to your tax return

Do not file another return. Any changes need to be made to the originally filed return rather than sending in a new one. It would be helpful to wait until you receive your notice of assessment from the CRA before making a change to your return. Click here to learn how to do so.

4. Don’t throw away your receipts and records

You have all your slips and receipts from filing your tax return – but what do you do with them now? Keep your income tax records and supporting documents for six years because the CRA may select your return for a review! If your tax return is reviewed, you will need these documents to back up your submitted tax information. Originals are better than copies, so keep the real thing whenever possible. 

Reference:

https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax/after-you-file.html