When tax season rolls around, the final step after submitting your return is receiving a crucial document from the Canada Revenue Agency (CRA) known as the Notice of Assessment (NOA).

But what is a Notice of Assessment? What does a CRA Notice of Assessment contain? And what do you do if you receive a Notice of Reassessment from the CRA? Keep reading to have your questions answered.

What is a Notice of Assessment?

Let’s begin by answering the most important question, what is a Notice of Assessment? A CRA Notice of Assessment is a document that contains a detailed report that confirms the CRA’s assessment of your tax return and provides key information that can affect your financial planning.

Often referred to as an NOA, your CRA Notice of Assessment tells you how much you owe, how much you will be refunded, and any changes or corrections that the CRA made to your return. Think of it as your tax return’s final report card, which confirms that everything has been reviewed and finalised.

What Does a Notice of Assessment Contain?

Your NOA is not just a simple yes or no on whether your taxes were accepted. It includes several key sections that provide a comprehensive overview of your tax situation, such as:

• Account Summary
• Tax Assessment Summary
• Explanation of Changes
• RRSP OR PRPP Deduction Limit
• Home Buyers’ Plan
• Lifelong Learning Plan Statements

What is a Notice of Reassessment (CRA)

A Notice of Reassessment from the CRA informs you of changes made to your original tax assessment. You will receive a Notice of Reassessment from the CRA if the Canada Revenue Agency reviews your return again and finds errors, missing information, or discrepancies.

Challenging a CRA Notice of Assessment or Reassessment

There are various reasons you might want to challenge a CRA Notice of Assessment. You might disagree with the CRA’s calculations or think they have misinterpreted your tax situation. An assessment that does not reflect your true financial position can have significant impacts, and correcting it is key.

Legal Support & Guidance for NOA

At Taxpayer Law, our tax lawyers are here to support you when you challenge a CRA Notice of Assessment or Reassessment. Our tax lawyers offer expert guidance in preparing your objection, ensuring all relevant information is accurately presented.

Whether you need help filing an initial objection or navigating further appeals, we are dedicated to providing the support and expertise necessary for a successful outcome. Reach out to us today to chat with a professional tax lawyer and let us help you tackle your tax challenges with confidence!