Notice of Assessment is sent to you after the Canada Revenue Agency (CRA) or Revenu Quebec (MRQ) has completed a assessment of your filed tax return. This document is very important to you, and should be reviewed with your tax return filed.
The CRA Notice of Assessment (form T491) includes your taxable income (Line 150) and your allowable registered retirement savings plan (RRSP) contributions and tax-free savings account (TFSA) limit for the current year. Line 150 is generally the amount that a financial institution will ask for as proof of income if you’re requesting a loan or mortgage. Your tax assessment notice also includes carry forward amounts that you can include on your next year’s tax return, such as unused tuition and education credits and capital losses. Be sure to keep your Notice of Assessment in a safe place to refer to when your returns are prepared next year. The CRA Notice of Assessment will either confirm that your tax return was assessed as filed or will identify adjustments made by CRA.
Expert Fiscaliste as your CRA Authorized representative has many advantages to taxpayers. As your professional representative to CRA will contact Expert Fiscaliste first to request additional information on your tax returns, and we act as your tax professional reviewing the 30 day information request and we submit information directly to CRA avoiding delays and your stress.
In addition, Expert Fiscaliste represents you throughout the year, reviewing correspondence, notice of Assessments, filing adjustments, and file notice of objections . If you would want Expert Fiscaliste to act as your professional with CRA Expert Fiscaliste.116 T1013 or Revenu Quebec Expert Fiscaliste Authorized Representative Revenu Quebec we need these forms completed, signed and returned to our office.
For more information on Authorized Representative visit our page http://www.expert-fiscaliste.org/2017-tax-return/authorized-representative/
What if I haven’t received my CRA Notice of Assessment?
Your annual CRA tax assessment notice will only be sent to you after the CRA has completed their preliminary review of the T1 tax return you or your representative has filed with the agency.
If you feel you should have received it — but haven’t — contact the CRA or call 1-800-267-6999.
What if there is a Discrepancy on my CRA Notice of Assessment?
Once you receive your Notice of Assessment from CRA, it’s important to compare it against the calculations on your filed T1 or T2 income tax return.
Unfortunately, discrepancies between income tax returns and CRA tax assessments are not uncommon.
If you disagree with CRA’s tax assessment, start by calling your tax preparer or writing to the tax centre that processed your return. Some issues can be easily resolved this way.
If this step does not resolve the issue, you have the right to appeal the Notice of Assessment by filing an objection.
How do I Appeal my CRA Notice of Assessment?
To appeal a CRA income tax assessment, you must file a notice of objection. Typically, the bases for appeal are a disagreement with the CRA assessment of taxes owed or a dispute over how the CRA has interpreted the income tax law.
You must file your notice of objection within one year from the filing deadline of the tax return in question, or 90 days of the CRA mailing your Notice of Assessment, whichever is later. You’ll need to explain why you disagree and include all relevant facts and documents.
If CRA agrees with you, either completely or partially, it will adjust your tax return and send you a revised Notice of Assessment. Otherwise, you’ll get written notice confirming the original tax assessment.
What if the CRA Rejects my Appeal?
If you disagree with CRA’s decision on your objection, you can appeal to the Tax Court of Canada.
If your case is unsuccessful in the Tax Court, you could take it to the Federal Court of Appeal and, ultimately, to the Supreme Court of Canada.
The whole appeal process can be daunting and requires a lot of time and expense if you handle it alone.
If you’re ever audited or challenged on an income tax return call Expert Fiscaliste…