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Using Notice of Assessment for Mortgage, Loans, and Divorce

cra notice of assessment - how to get notice of assessment

What is Notice of Assessment

The Canada Revenue Agency (CRA) issues a document known as the Notice of Assessment (NOA) to taxpayers annually. This document is essentially an evaluation of an individual’s tax return for the year, outlining their tax status as per the CRA’s assessment.

Typically, taxpayers receive their NOA a few weeks after submitting their tax return. The NOA provides a review of the information submitted in your tax return, detailing your income tax obligations, the amount of tax credits you’re eligible for, and any potential tax refunds you may receive.

The NOA also includes details about deductions made from your annual income, particularly those related to your Registered Retirement Savings Plan (RRSP). If you’re participating in the Home Buyers’ Plan (HBP) or Lifelong Learning Plan (LLP), your NOA will also contain a statement of your balances in these plans.

In certain cases, the NOA may reflect changes or corrections that the CRA has made to your tax return. These alterations could include recalculations that differ from your original tax return and could impact your total tax liability.

The NOA is a crucial document as it serves as an official record of your annual income and tax payments. Therefore, the CRA recommends keeping your NOA for at least six years after receipt. This document may be required by various agencies for different purposes. Notably, in the context of separation and divorce, the NOA plays a significant role.

Table of Contents

  • The NOA is essentially the CRA’s evaluation of your individual tax return.
  • A NOA is tax assessment summary from your income tax return
  • May contain a home buyers plan statement.
  • May contain a lifelong learning plan statement.
  • Canada revenue agency sends you the NOA

Information found on a NOA

Here’s a summary of the key information you can find on a NOA

It summarizes an individual’s tax situation for a specific year. Here’s an overview of the vital information you can find on a NOA:

  • Account Summary: This section provides a brief overview of your tax assessment, including whether you have a balance owing, a refund, or a zero balance.
  • Tax Return Details: The NOA includes details from your tax return, such as your total income, total federal tax, total provincial or territorial tax, and total tax credits.
  • Changes to Your Return: If the CRA made any changes or corrections to your tax return during the assessment, these will be detailed in the NOA.
  • Tax Owing or Tax Refund: The NOA states the amount of tax you owe, if any, or the amount of tax refund you are entitled to.
  • RRSP Deduction Limit Statement: The NOA provides information about your Registered Retirement Savings Plan (RRSP) deduction limit for the next tax year.
  • Home Buyers’ Plan or Lifelong Learning Plan Balances: If you participate in the Home Buyers’ Plan (HBP) or Lifelong Learning Plan (LLP), your NOA will include a statement of your balances in these plans.
  • Other Information: The NOA may also include additional important information, such as your benefit and credit payments, your instalment interest and penalty calculations, and information about any appeals you have filed.

Remember, your NOA is an important document that serves as an official record of your income and tax payment history for a specific year. It’s recommended to review it carefully and keep it for your records.

Is Notice of Assessment the Same as T4?

You receive a Notice of Assessment (NOA) document after filing your taxes. To whet your taxes, you require a T4 from your employer and the necessary documentation from other income sources like Employment Insurance (EI) payments, Registered Retirement Savings Plans (RRSPs), and any additional income earned during the year.

Typically, you should receive your NOA within a few weeks after filing your tax return. The NOA reviews the information you’ve provided in your tax return, informing you about the amount of income tax you owe, the tax credits you’re eligible for, and any tax refund you may be entitled to.

The NOA also includes details about deductions from your annual income, particularly concerning your RRSP.

Furthermore, the NOA may provide information about your Home Buyer’s Plan (HBP) or Lifelong Learning Plan (LLP) balances, but only if participating in either or both plans. In some instances, an NOA may feature changes or corrections made by the Canada Revenue Agency (CRA) to your tax return.

These changes might include calculations differing from your tax return, potentially affecting your total tax liability.

The NOA is a crucial document as it records your annual income and tax payment history. Hence, the CRA recommends that taxpayers retain their NOA for at least six years after receipt. Other agencies may require this document for various purposes. For instance, in the case of separation and divorce, an NOA can be pretty significant.

Distinguishing Between a Tax Return and a Notice of Assessment

Notice of Assessment – Sample

notice of assessment cra

A tax return also referred to as a T1 General, is a compilation of all your earnings and claims for a specific tax year. It includes either the amount you’re due to receive as a return or the amount you owe.

On the other hand, a Notice of Assessment (NOA) is an official government document containing this information. Generally, your T1 General will match your NOA unless the Canada Revenue Agency (CRA) identifies errors or necessary changes before finalizing your return.

In essence, while your T1 General and NOA contain similar information, the T1 General is a document that has yet to be an official document. The NOA, which the CRA must verify, is the officially recognized and used document.

Get past the financial disclosure for a Soft Landing

More About financial disclosure:

financial disclosure Form 13.1Financial disclosure is the process by which both sides (you and your spouse) exchange reports about income, property, and debts of the other person.

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NOA Required Dates

Important Dates in Separation and Divorce | Related Time Limitations
  • Notice of Assessments for the Last 3 Years

Understanding how these important dates in separation and divorce will make a material difference: The When, Then and Now of Divorce

How to find my notice of assessment?

where to find notice of assessment

Where to Find Your Notice of Assessment

  • Your Personal Files: After filing your T1 Tax Return with the Canada Revenue Agency (CRA), you should receive a Notice of Assessment by mail within approximately 90 days.
  • Your Accountant: Even though the NOA was mailed to you, your accountant might have a copy.
  • Your Tax Preparation Service: Similarly, your Tax Preparation Service may have access to a copy of your NOA.
  • Express NOA: This is a document service provided by the CRA that allows individuals and authorized tax preparation professionals to view the NOA immediately after the return has been received and processed by the CRA using their tax software.

How can I get a copy of my notice of assessment?

how to get my notice of assessment

How you Filled Matters:

Filing Method Matters: The method you choose to file your return can affect how quickly you receive your NOA. If you file electronically, such as through online mail or the CRA’s My Account portal, you can expect to receive your NOA within 2 weeks of filing. If you file physically, such as mailing a paper copy or submitting the returns at a CRA office, you should expect to receive your NOA form in about 8 to 16 weeks.

If you filed your tax return near or after the filing deadline (either April 15 or 30), you may have to wait up to 8 weeks to receive your NOA from the CRA.

The method you choose to file your tax return can significantly impact the time it takes to receive your Notice of Assessment (NOA) from the Canada Revenue Agency (CRA). Initially, the CRA sends your NOA after you’ve filed your tax returns.

The waiting period before receiving your NOA can vary depending on whether you filed your returns on paper or digitally. If you file electronically, such as through online mail or the CRA’s My Account portal, you can typically expect to receive your NOA within 2 weeks of filing.

However, if you choose to file physically, either by mailing a paper copy or submitting the returns at a CRA office, you should anticipate receiving your NOA within approximately 8 to 16 weeks.

It’s important to note that if you filed your tax return close to or after the filing deadline (either April 15 or 30), the wait time to receive your NOA from the CRA could extend up to 8 weeks.

What to Do If You Haven't Filed Income Tax Returns

If your Notices of Assessment/Reassessment and T1 General Tax Returns are unavailable for any of the past three taxation years, or if you haven’t filed a return for any of these years, here’s what you can do: Reach out to the Canada Revenue Agency (CRA). You can call CRA customer service at 1-800-959-8281 and request an “Income and Deductions” printout.

How to get Notice of Assessment online – CRA access how-to video

How to access notice of assessment online

If you received a physical copy of your NOA but have misplaced this copy or no longer have possession, you may request a replacement copy from the CRA. You may do this by viewing and printing your NOA on the CRA’s My Account Service or using your mobile MyCRA application. But you can only view notices issued after February 9, 2015 in this way.

What is an express notice of assessment?

The CRA also provides an Express NOA service that lets you or your authorized representative get an NOA immediately after filing your tax return. However, in order to qualify for an Express NOA (if you’re filing by yourself), you must be: 

My Account, the Canada Revenue Agency’s secure portal
play-rounded-fill

My Account, the Canada Revenue Agency’s secure portal

How long does it take to get Notice of Assessment from CRA?

The Canada Revenue Agency’s (CRA) Express Notice of Assessment (NOA) service is a fast, secure, and convenient way for individuals to get their Notice of Assessment immediately after their tax return has been processed. Here’s a brief overview of the Express NOA service:

  • Speed: With the Express NOA service, you can receive your Notice of Assessment right after your tax return is processed, as soon as within 24 hours of filing your tax return electronically.
  • Security: The Express NOA service is delivered through CRA’s My Account or Represent a Client, ensuring the information is secure and confidential.
  • Convenience: The service eliminates waiting for a paper NOA to be mailed, allowing you to access your tax assessment information quickly and easily.
  • Registration: To use the Express NOA service, you must be registered for online mail through CRA’s My Account or Represent a Client. You can sign up for online mail by logging into your account and selecting the “Manage Online Mail” option.

In conclusion, the CRA’s Express NOA service is a valuable tool for individuals and tax professionals who want to receive their Notice of Assessment quickly and securely.

 

what-you-need-to-know

Always keep a digital copy of all your Documents

  1. Many online sources allow you to download a digital copy to a device.
  2. Most up to date Web Browsers allow you the option of “Print to PDF”
  3. Scan your hard copy to a pdf.   

Note: This can be done on a personal (home or work) scanner, or can be done at a retailer such as Staples Business Depot

Why the Notice of Assessment is important in Separation and Divorce?

cra notice of assessment

In all divorce proceedings, whether overseen by a court or not, both parties must disclose their complete financial information. This requirement is a legal obligation during court proceedings and is equally important in out-of-court settlements such as mediation.

The disclosure of financial documents is crucial for accurately calculating the assets and liabilities of both parties. This data assists the court in determining key matters such as the income of both parties for child and spousal support. The Child Support Guidelines typically base their recommendations for support payments, in part, on the income of both parties.

The income tax Notice of Assessment plays a significant role in helping Family Law professionals ascertain the actual income for calculating child and spousal support and tax rates of the parties for property equalization purposes. The NOA and other documents are used to determine the income available for calculating support. Every information in the NOA is crucial for establishing each spouse’s income and fulfilling their financial disclosure obligations.

The NOA is also vital for Registered Retirement Savings Plan (RRSP) considerations. Canadian courts have previously ruled that RRSP contributions made during the marriage may be considered part of the marital or family property for equalization purposes.

Other details such as RRSP deduction limits, available contribution room, and excess contributions are vital for proper Divorce Financial Planning.

Parties who fail to present their assessment statement or cannot do so during the divorce process risk having their income unfavourably estimated, both by the CRA and the courts. The following section will discuss the procedure for obtaining your income tax Notice of Assessment form.

Filing taxes when separated in Canada?Ken Maynard CDFA, Acc.FM

When separated in Canada, you must indicate your marital status on your tax return. This can affect credits and deductions you’re eligible for.

Why haven’t I received my Notice of Assessment?Ken Maynard CDFA, Acc.FM

Delays in receiving your Notice of Assessment could be due to high volume, errors in your tax return, or additional review by the CRA.

When is Notice of Assessment issued?Ken Maynard CDFA, Acc.FM

The Notice of Assessment is issued after the CRA has processed your tax return

Why would CRA send me a Statement of Account?Ken Maynard CDFA, Acc.FM

The CRA would send you a Statement of Account if there are any discrepancies or balances owing on your account.

What is line 150 / 15000 on Notice of Assessment?Ken Maynard CDFA, Acc.FM

Line 150 / 15000 your Notice of Assessment indicates your total income for the tax year.

How to download Notice of Assessment?Ken Maynard CDFA, Acc.FM

You can download your Notice of Assessment from the CRA’s My Account portal under the “Tax Returns” section.

How to get a Notice of Assessment?Ken Maynard CDFA, Acc.FM

You can get a Notice of Assessment through the CRA’s My Account portal or by mail

How long does it take to get your Notice of Assessment?Ken Maynard CDFA, Acc.FM

It typically takes about 8-14 days for electronic returns and 4-6 weeks for paper returns to receive your Notice of Assessment.

Is T1 the same as Notice of Assessment?Ken Maynard CDFA, Acc.FM

No, a T1 is not the same as a Notice of Assessment. A T1 is the tax return form you fill out and submit to the CRA, while the Notice of Assessment is the document you receive from the CRA after your T1 has been processed.

Related Documents:

what-you-need-to-know

More About Support

Conclusion

Separation and divorce can be a challenging and emotional journey. However, with the right guidance and support, it can also be a time of empowerment and positive change. As a Mediator and a Certified Divorce Financial Analyst (CDFA) with advanced training in DivorceMate software, I am uniquely equipped to help you navigate the complexities of this process. My Soft Landing Settlement Method is designed to promote fair, equitable, and amicable resolutions to ensure a smoother transition for all parties involved. My specialized training and deep understanding of the emotional and financial aspects of separation allow me to provide a comprehensive service that addresses all your needs. I am committed to delivering personalized solutions that align with your unique circumstances and future goals. Together, we can work towards a resolution that respects your individual needs and paves the way for a more secure, peaceful future. Why not take the first step towards your new life today? Schedule a Get Acquainted Call with me. During this call, we can discuss your specific situation and explore how my services can help you manage your separation with confidence and dignity. Ready to navigate your separation the smart way? Click the button below to schedule your Get Acquainted Call now. Schedule a Get Acquainted Call

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About the Author:
Ken Maynard CDFA, Acc.FM

I assist intelligent and successful couples in crafting rapid, custom separation agreements that pave the way for a smooth transition towards a secure future. This efficient process is achieved in about four meetings, effectively sidestepping the excessive conflicts, confusion, and costs commonly linked to legal proceedings. Clients have the flexibility to collaborate with me either via video conference or in-person through a DTSW associate at any of our six Greater Toronto mediation centers, located in Aurora, Barrie, North York, Vaughan, Mississauga, and Scarborough.

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