Tax Filing is always stressful. After you have filed your tax return, you may be wondering what to expect next, especially, if you are first time filer. We have compiled list of some items as follows:
- Notice of Assessment : Make sure you check your mail and get Notice of Assessment. If you have not got it yet, you can call Canada Revenue Agency and find out about the status of the tax return.
- Tax Refund : Those of you who have setup Direct Deposit for tax refunds, make sure to check your bank account for the refund amount. Find the wording “CANADA RIT” in the bank statement.
- Tax Payable : If there was tax owing on the tax return, make sure to pay it to avoid further interest. You can follow this link to make payment via your online banking.
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/pymnts/menu-eng.html - GST/HST Credit and Child Benefit : Tax Credit year starts from July. If eligible, you will get updated benefits starting July 2017.
- Correction in Tax Return : If you miss anything when you filed your tax, you can make amendment in that. You can make amendment after the original return has been assessed.
- CRA Audit and Review : CRA randomly selects and reviews tax returns. You will get a letter from them asking for information to support certain deductions and credits. Make sure you respond to those letters on time. Failure to do so would result in denying those claim and resulting in lower tax refunds or more tax payable.
- CRA Contact Phone : You can call CRA for Personal Tax at (800) 959-8281. Press * for Agent. Make sure you keep your 2016 Tax Return with you to answer security questions.
I hope this information is useful to you. If you have any question, please feel free to contact our office.
