MELANIE GESY NEWS
What you should know about them.
Did you get your 2022 tax assessment?
When you file your taxes with the Canada Revenue Agency (CRA), the agency will review your tax return and issue an assessment, which indicates whether you have overpaid or underpaid your taxes. Your notice of assessment (NOA) is an evaluation of your tax return that the Canada Revenue Agency sends you every year after you file your tax return.
What's included on your NOA:
- the date they checked your tax return
- details about how much you may owe, or get as a refund or credit.
- your Registered Retirement Savings Plan (RRSP) deduction limit for that year.
Sometimes, the CRA may adjust your assessment, which means that they have made changes to your tax return.
Some reasons they may make adjustments to your NOA:
- Incorrect information: If the CRA finds errors or inconsistencies in the information you provided on your tax return, they may adjust your assessment to reflect the correct information.
- Unreported income: If the CRA discovers that you did not report all of your income, they may adjust your assessment to include the unreported income and any applicable penalties.
- Tax credits and deductions: If the CRA determines that you were not eligible for certain tax credits or deductions, they may adjust your assessment to reflect the correct amount.
What Happens if Your Assessment is Adjusted:
If the CRA adjusts your assessment, they will send you a notice of reassessment. This notice will explain the changes that were made to your tax return and the reasons for the adjustment. If you owe additional taxes as a result of the adjustment, the notice will also include the amount owing and the due date for payment.
If you disagree with the CRA's assessment adjustment, you can appeal the decision by filing a notice of objection within 90 days of the date on the notice of reassessment. The objection must explain why you disagree with the adjustment and provide any supporting documentation.
If you do not file a notice of objection within the 90-day deadline, you may still be able to appeal the decision by applying for an extension of time to file a notice of objection or by filing a taxpayer relief request.
If you need more clarification on this or other tax related information, please contact me.