CRA NOTICE OF ASSESSMENT
The Canada Revenue Agency Notice of Assessment (also referred to as the CRA NOA) is received after a taxpayer files their tax return and the return is reviewed by the CRA. It is a two page document showing the taxpayer name, taxpayer insurance number and tax year. It also provides a summary of income, deductions, credits and taxes previously paid. If you file your return in April you should receive the CRA NOA by about mid-May.
For the Jefferson | Steele Team getting a copy of the Notice of Assessment from clients is very helpful for us to do tax planning in future years. It contains useful information on the sources of income for clients. In addition, it includes details on Registered Retirement Savings Account (RRSP) limits, and summaries of unused capital losses, tuition and education credits. All of this information is useful in our decision making process when constructing and rebalancing portfolios.
The Notice of Assessment will also explain how CRA calculated your refund or taxes payable. CRA will often add a deduction if you missed it and if you claimed something in error they will remove the deduction or credit and explain what happened. The NOA will also let you know if Canada Revenue Agency is charging a penalty or interest.
If you have misplaced your Notice of Assessment call CRA at 1.800.267.6999 and they will be able to provide you with a new one.
Sources: CRA Website, “Tax Talk” H&R Block
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