Introduction:

Filing your corporate tax return with the Canada Revenue Agency (CRA) is a significant milestone for your business. However, the process doesn’t end there. After you’ve submitted your return, there are several crucial steps to follow to ensure everything is in order and address any potential issues. In this guide, we’ll walk you through the post-filing process and what to expect when dealing with the CRA.

1. Submission and Processing:

Once you’ve filed your corporate tax return, the CRA doesn’t leave you hanging. They swiftly take over from there. The CRA receives your return and sends it to Corporation Services at the responsible tax center for processing. To find your tax center, you can visit the CRA’s “Find a CRA Address” page.

2. Assessment and Notification:

After processing your return, the CRA will perform an assessment. This assessment determines the accuracy and completeness of your return, ensuring that your business complies with tax regulations. The outcome of this assessment will be communicated to you via two primary methods: a. Email Notification: If you’ve registered to receive email notifications through My Business Account, the CRA will send you an email notification indicating that there is mail for you to view in your secure online account. This method offers convenience and speed in accessing important documents and updates from the CRA. b. Mail Delivery: Alternatively, the CRA may send you a traditional paper “Notice of Assessment” by mail. This notice contains detailed information about your tax assessment, including any taxes owing or refunds owed to your corporation.

3. Embracing Electronic Correspondence:

It’s important to note that for businesses using My Business Account, the default method of correspondence will become electronic. This change is effective from the date of royal assent. However, businesses will receive a 30-day notice before this transition. During this notice period, you still have the option to choose paper correspondence if you prefer it. Pro Tip: Consider embracing electronic correspondence, as it offers several benefits, including quicker access to important documents and environmental friendliness.

4. Reviewing the Notice of Assessment:

As soon as you receive the Notice of Assessment, it’s crucial to review it meticulously. This document is a detailed summary of the CRA’s evaluation of your corporate tax return. Compare it carefully to the copy of your corporation’s return that you filed. Pay close attention to the following key aspects: a. Tax Calculation: Ensure that the tax calculations are accurate, including any deductions, credits, and exemptions. b. Tax Owed or Refund: Verify whether your business owes additional taxes or is eligible for a refund. The CRA will outline any payment instructions or refund details. c. Assessment Details: Review any specific assessments, adjustments, or recommendations made by the CRA. This may include changes to reported income or expenses. d. Compliance Issues: Ensure that your corporation complies with all relevant tax regulations and requirements.

5. Seeking Clarification:

If you encounter any discrepancies or require clarification on any part of the assessment, don’t hesitate to contact the CRA. They are there to assist you and address your concerns. You can find the telephone number provided in the CRA’s correspondence, typically located on the Notice of Assessment.

6. Contacting the CRA:

If you don’t have the contact information readily available, don’t worry. You can easily find the necessary contact details for the Canada Revenue Agency on their official website. It’s essential to reach out promptly if you have any questions or need to resolve issues related to your tax assessment.

7. Incorporation Services with Tax4Less:

Incorporating your business is a strategic move that offers various advantages. If you’re considering incorporation or need assistance with the process, Tax4Less is here to help. We offer Incorporation services for $375* Plus HST, which includes all government fees. Incorporating your business can provide benefits such as limited liability, potential tax advantages, and enhanced credibility. Conclusion: Filing your corporate tax return is just the beginning of your interaction with the CRA. The post-filing process is a critical phase in ensuring the accuracy of your return and addressing any potential concerns. By staying proactive, reviewing your Notice of Assessment diligently, and reaching out to the CRA when necessary, you can navigate this phase effectively and maintain a compliant and hassle-free tax record for your business. Remember that the CRA is there to assist you and provide guidance throughout the process. Embracing electronic correspondence can also streamline your interactions and keep you informed in a more efficient manner. Stay vigilant and informed, and you’ll navigate the post-filing process with confidence. [Disclaimer: This article is for informational purposes only and does not constitute tax advice. For personalized advice related to your specific tax situation, please consult a tax professional or the Canada Revenue Agency.]