Updated on January 22, 2024
Explore the Information on Who Receives a Notice of Assessment from CRA and What Triggers the Issuance. If you are a taxpayer or soon to become one in Canada, understanding the Notice of Assessment is crucial. This article provides a summary of the criteria for individuals expected to receive a Notice of Assessment from CRA.
Who is Expected to get a Notice of Assessment from CRA?
The Canadian government issues a notice of assessment to taxpayers as an acknowledgment of their successfully filed tax returns. Receiving this notice indicates approval. Authorities use the notice of assessment to verify the taxpayer’s eligibility in the country. Tax refunds are determined based on the tax credits outlined in the assessment.
If a candidate has applied for the tax credit, they can expect to receive the notice of assessment within a period of 14 to 30 days. Eligible individuals can receive the notice through mail or generate it online using the “My CRA Account” portal. The notice provides details about the payments made over the year. For more information about the Notice of Assessment from CRA, continue reading the article.
What is a Notice of Assessment?
The Canada Revenue Agency (CRA) prepares the Notice of Assessment for taxpayers in the country. This notice contains information about your recent bank transactions and tax credits. It evaluates your tax returns and is sent annually after filing your tax returns.
If candidates have submitted their tax returns online or through the portal, they can anticipate receiving the notice within two weeks. However, if tax returns are submitted by mail, the notice might take a longer time, approximately six to eight weeks. Residents living outside Canada may receive the notice in approximately sixteen weeks.
Notice of Assessment Overview
| Article About | Notice of Assessment from CRA |
| Country | Canada |
| Authorities | Canada Revenue Agency |
| Time-period | Two – four weeks |
| Purpose of NOA | To provide conformation to the taxpayer regarding tax return |
| Official portal link | canada.ca |
Details in the Notice of Assessment
The Notice of Assessment (NOA) offers comprehensive information on tax credits, bank statements, tax dues, and other details. It also indicates whether the individual or business is eligible for an audit. The form is divided into four aspects, each containing specific information as discussed below:
Account Summary
This section contains fundamental information about the account and bank statements, focusing on the identity of the applicants and their financial activities for the year. The summary encompasses the tax refund amount.
Details included in this section:
- Zero balance and no taxes available.
- Information on unpaid taxes and dues on the applicants.
- A summary of taxes paid in the past few years to assess the accuracy of the tax returns filed by the applicant.
- If the applicant paid taxes for multiple years collectively, they will receive consolidated details about the tax credits.
Tax Return Summary
This section contains the latest details of the tax filed, including the calculations made by the Canada Revenue Agency (CRA) to determine the tax rates. Applicants can compare the tax paid and the credits claimed from this section.
Additionally, any changes made by the authorities to your tax returns will be outlined in this section. Information regarding penalties and loans will also be discussed in this segment.
Changes required in the Tax returns
This section outlines any changes or corrections required in the tax returns. If applicants believe that the changes are unnecessary for the tax credit, they have the option to apply for a formal dispute.
Disputes or changes in tax returns can be initiated through the official portal of the Canada Revenue Agency (CRA). Candidates have a 90-day window to fill out the dispute form.
Statement of RRSP
This segment includes details of the Registered Retirement Savings Plan (RRSP) if the candidate has applied for it. It encompasses information about the deduction in benefits and the calculation methods utilized by the Canada Revenue Agency (CRA).
Here’s What Gets You The Notice
The Notice of Assessment (NOA) provides a comprehensive view of all credits, incomes, and tax deductions in the tax returns. Any required changes or corrections in the tax returns will also be outlined in the NOA. The calculation of tax refunds and benefits is based on the information provided in the NOA.
It’s important to note that if a candidate avoids paying the tax returns, the Canada Revenue Agency (CRA) has the authority to take legal action against the claimant.