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What you need to know after you’ve paid your taxes, including understanding your notice of assessment, paying balances owed and communicating with the Revenue Agency (CRA).
Is It Too Late To Do My Taxes
How to understand the document the CRA sends you after processing your tax return, why it’s important and how to get a copy.
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An assessment notice is a tax document sent to you by the Internal Revenue Service (CRA) after processing and assessment of income tax and benefit returns. You will receive a notification for each tax return you submit.
Your statement is your summary for the tax year, based on the income, deductions and credits you report on your tax return. Your notice may also contain information you need when you file your taxes for the next tax year.
Your assessment notice is an important document that contains your personal information. Keep it in a safe place with your tax records.
You should not share your personal information unless it is necessary. For example, the information from the notification may be used to identify you when you call the CRA. You may also be asked to give a copy of your notice to a financial institution or community organization to prove that you paid tax or what your income was in the previous year.
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If you or the CRA change your tax return after the initial assessment, you will receive a reassessment notice. A notice of reassessment looks like a notice of assessment. But a notice of reassessment will have information about changes to your return.
The information from your notification is used to identify you when you call the CRA. You may also be asked to provide a copy to a financial institution or community organization to prove that you paid tax or what your income was in the previous year.
Switch between each page of the food notification to get an overview of what’s on each page. You will find more information about each section later in this lesson.
Note: The electronic and paper versions of the notice may look slightly different but contain the same information.
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You may be late in doing your taxes for several years and submit more than one tax return at a time (e.g. you submit returns for 2018, 2019 and 2020 together). In this case, the CRA will assess all of your returns at the same time. You will receive one assessment notification for each year. Check the previous year notification for final result.
If you had a balance you owed when you did your tax but have since paid the amount, your statement will show the balance when your return was assessed. If you need proof that you have paid the amount, you can print a statement from my account or contact the CRA to request a printed confirmation.
This section of the assessment notice shows the main lines of your tax return. The CRA used the amounts you see to calculate your final result, which could be a refund, a debt balance, or a zero balance.
You will also see any penalties and interest that the CRA may have charged. If you have a balance in your account from another tax return that you haven’t paid yet, that balance will appear here.
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The summary shows the main lines of the tax return. The amounts may not match what you reported on your return if the CRA has made changes.
This section of the assessment notice explains in detail any changes or corrections the CRA made to your tax return.
Sometimes the CRA will make a change based on the information you submit with your return. Otherwise, the change is based on information that the CRA has on file. For example, the CRA will automatically include any unused tuition amounts you have on file if you forgot to include them when you did your taxes.
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Read this section carefully to understand the final outcome of your assessment and to learn if you need to do anything to correct your return.
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If you have any carryover amounts available, such as unused tuition amounts, your statement will show those amounts here. This information will be useful when you do your taxes for the next tax year, as these amounts can reduce the tax you may have to pay in the coming year.
Melinda did her taxes and her refund was deposited into her bank account. She noticed that the amount was less than she had calculated.
Before calling the CRA, she checked her notice of assessment by logging into my account. She read the explanation of the changes, which explained that she did not respond to a letter requesting supporting documents for the medical expenses she had claimed.
Melinda had received this letter but forgot to reply. She corrected the tax return by submitting receipts to the CRA. When the CRA completed its review, it amended her return and released the remainder of her refund.
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Your notice of assessment contains other information on the last few pages which will generally depend on your circumstances.
You may have used the money in your RRSP to buy a home through an HBP or to fund full-time training or education through an LLP. Both of these programs require you to pay the money back into your RRSP over a set period of time.
Your statement may show your balance to repay and the minimum repayment obligation for the following year.
Your notice will include CRA information and resources to help after you pay your taxes, such as what to do if:
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If your communication options are set to “Email”, you will receive an email notifying you that you have mail in my account when it is available. The only way to read your e-mail, such as an assessment notice, is by using My Account. You will not receive a paper copy of most CRA mailings.
If “Electronic mail” is not checked in your mail preferences, you will receive a paper copy of your notice of assessment. Your notification will still be available to view in My Account, but you will not receive an email notification about it.
If you are registered for My Account and use NETFILE-certified tax software to do your taxes electronically, you can use the Express NOA service.
If you need another copy of your notice, you can access it online in My Account or request a copy by contacting the CRA.
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Institutions such as your financial institution may ask you to provide proof of income statement or Option C printout. The printout is a version of your return.
A proof of income statement has much of the same information as your assessment notice and looks very similar. The statement shows the income, deductions and credits that the CRA used to evaluate your tax return. However, the statement does not contain any explanation of changes or additional information.
What a refund is, when you’ll get yours, and how the amount you expect may change after the CRA evaluates your tax return.
A tax refund is an amount owed to you by the Internal Revenue Service (CRA) after it assesses your income tax and benefit returns. This happens when you have more credits than the amount due.
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You may be able to get a refund if you paid more tax during the year than you owe on your income, for example if your employer deducted too much tax from your wages.
The only way to know if you are entitled to a refund and the amount you are entitled to is to pay your taxes.
CRA will not send you an email, text or instant message with a link to your refund.
The CRA does not have all the information needed to know if you are eligible for a refund. For example, you may have earned income that is not recorded on an information sheet or you may be entitled to a tax credit.
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Your employer does not have access to your tax information to know if you are entitled to a refund.
A refund can only be issued after you have submitted your tax return. That’s why it’s important to do your taxes every year. That’s the only way to get the refund you may be entitled to.
The CRA may select your return for a closer inspection. If this happens, it may take longer to process your return and issue a refund.
Gérard filed his taxes online, while his mother filed a paper return. They are both eligible for a refund this year. The CRA processed their returns within the standard timeframe. Neither return needed a thorough review. Gérard received his refund a few weeks before his mother did.
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Direct deposit is the fastest way to receive your refund and other payments from the CRA. CRA will securely deposit your payments into your account at a Canadian financial institution.
If you are not registered for direct deposit,
