With the April 30 personal tax deadline behind you, it might be tempting to put taxes out of mind until next year. But for incorporated and self-employed family doctors, the weeks following tax season offer a valuable opportunity to get ahead — not just with the CRA, but with your overall financial strategy.
Here’s a practical post-filing checklist designed specifically for family doctors to ensure you’re making the most of this time.
1. Review Your CRA Notice of Assessment
Once your return is processed, the CRA issues a Notice of Assessment (NOA) — a summary of your filed return, any adjustments made by the CRA, and your contribution limits for registered accounts.
Be sure to:
- Check for discrepancies between what you filed and what the CRA assessed
- Confirm your RRSP deduction limit for 2025
- Note any unused amounts or carryforwards
If anything looks off, it’s better to address it now — before interest or penalties accrue.
- Revisit Your RRSP Strategy
The NOA also includes your updated RRSP contribution room for the 2025 tax year. Even though next year’s deadline isn’t until March 2, 2026, now is the ideal time to start planning.
This is particularly important for:
- Income smoothing if you received a mix of salary and dividends
- Incorporated doctors who want to balance RRSP contributions with corporate retained earnings
- Those approaching retirement and looking to top up tax-deferred savings
Working with a tax advisor now can help you determine how RRSP contributions fit into your broader income strategy — not just as a deduction, but as a long-term planning tool.
3. Check Your Updated TFSA Contribution Room
The 2025 TFSA limit is $7,000, and unused room from previous years carries forward. Your NOA won’t include TFSA contribution room, but you can check it by logging into your CRA My Account or asking your accountant.
Why this matters now:
- You may be holding cash in a corporate or personal account earning minimal interest
- Shifting eligible funds into a TFSA can improve tax efficiency and investment growth
- It’s an easy way to reduce taxable income through income-splitting with a spouse (if structured properly)
4. Organize and Store Your Tax Documents
Whether you filed on your own or worked with an accountant, now is the time to:
- Create a secure backup of all submitted tax documents
- File away receipts, statements, and confirmations used in your return
- Label and categorize deductions that may recur (e.g. CME, professional dues, business-use-of-home expenses)
Having this information organized will save you time — and prevent missed deductions — when next year’s filing season rolls around.
5. Start Planning for Your Corporate Year-End
If you’re incorporated and your fiscal year ends December 31, your corporate tax return is due by June 30. That means now is also the perfect time to:
- Review your T2 return status
- Confirm whether dividends, salary, or bonuses were paid properly
- Book a mid-year check-in with your accountant to address shareholder issues or tax optimization opportunities
Even if your corporate year-end is later in the year, post-personal filing season is a good moment to align your business finances with your personal goals.
Final Thoughts: Use This Momentum
Filing your taxes may feel like crossing the finish line — but really, it’s the starting point for smarter planning. With your numbers fresh and your documents in order, now is the best time to look ahead and refine your financial strategy.
At MedTax, we work year-round with family doctors to go beyond compliance — helping you align your tax planning with your practice goals and personal finances.
Need help reviewing your Notice of Assessment or planning your next steps?
Contact MedTax for a free 15-minute consultation today and let’s build on your momentum.
