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What is a notice of assessment? Why do you need to know this definition? The MoneySense Glossary is your resource for learning and understanding financial terms.
After you file your annual tax return , the Canada Revenue Agency (CRA) (or Revenu Québec, if you live in la belle province ) sends you a notice of assessment (NOA). This two-page document summarizes your income, deductions, credits, registered retirement savings plan (RRSP) contributions, tax paid, and either tax you owe or a tax refund. Your NOA also tells you your RRSP contribution room for the next year, including any unused room from years past. When you apply for loans, lenders may request your NOAs for the past two years, to verify your income and check if you owe taxes.
Example: “If you disagree with your Notice of Assessment, file a formal objection within 90 days.”
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