Skip to main content

5 Steps to Take After Receiving a CRA Notice of Reassessment

27
Jan, 2025

Receiving a CRA Notice of Reassessment can be a stressful experience. If you have just opened that dreaded envelope, you might be feeling confused or even worried. 

But take a breath–there are clear steps you can take to address the situation calmly and effectively! Here are five steps to help you respond and manage a CRA tax reassessment with confidence:

Step 1: Take a Moment and Read the Reassessment Carefully

It’s easy to get overwhelmed when you see that a CRA notice of reassessment has arrived, but the first thing you need to do is take a deep breath. Open the letter and carefully read through the entire notice of reassessment. It will detail why the CRA has made changes to your original filing, and understanding the reasoning is crucial before moving forward.

Step 2: Compare Your Original Filing to the CRA’s Reassessment

Once you have reviewed the tax reassessment, compare the numbers on the document with what you originally filed. Look for any discrepancies in income, deductions, or credits. This comparison will help you pinpoint where the changes have occurred and whether they make sense based on your records.

Step 3: Determine the Cause of the Discrepancy

Now it is time to dig into the details. The reason for a tax reassessment can vary. Maybe it is a simple mistake from the CRA’s side, or perhaps some supporting documents were missed when you originally filed. Take note of whether the CRA’s adjustments are due to an error or misunderstanding. If you believe they have made a mistake, you will need to take action.

Step 4: Get Professional Help from a Tax Lawyer

If the tax reassessment is complicated or if you are unsure about the next steps, do not hesitate to reach out for help. A tax lawyer can provide expert advice tailored to your specific situation. They will guide you through the process of understanding your rights and options, especially when it comes to filing a tax dispute appeal. With the expertise of a tax lawyer, you’ll have a much clearer path ahead.

Step 5: File a Tax Dispute Appeal if Necessary

If you believe the CRA’s tax reassessment is wrong, you have the right to file a tax dispute appeal. This is a formal process where you can challenge the CRA’s decision. Having a tax lawyer on your side can be a huge advantage here, as they will ensure that your case is presented effectively, all necessary documents are submitted, and that your appeal has the best chance of success.

Facing a CRA notice of reassessment can be nerve-wracking, but taking the right steps can make the process a lot more manageable! If you are unsure about what to do next or if you need assistance with a tax dispute appeal, contact us today. Our experienced tax lawyers are here to help you navigate this challenge with confidence.

Igor Kastelyanets

Popular Articles

What To Do If You Disagree With Your Notice of Assessment?

Receiving a Notice of Assessment can be a nerve-wracking experience, especia…

4 Common CRA Penalties and How a Tax Lawyer Can Help You Avoid Them

When it comes to taxes, even small mistakes can lead to major headaches. If …

Understanding Your NOA

When tax season rolls around, the final step after submitting your return is…