When will I get my NOA? Is the date I receive my NOA important? Where should I keep my NOA? I lost my NOA. What should I do? Share this article. Tax Tips. Tax Basics. However, the CRA can extend this time period and look at tax returns from even farther back if the agency suspects fraud, negligence, or carelessness.
Note that a reassessment does not necessarily mean that you will be audited, nor does it mean that the CRA considers you to have committed tax fraud. Taxes can be reassessed for a number of reasons. You could have made a mathematical mistake or inputted a number incorrectly. Or your employer could have filed its numbers incorrectly.
If your tax return is reassessed during the CRA reassessment processing time period and you agree with the reassessment, you can pay the taxes listed on the document and the case will be closed. However, the outstanding tax debt may be quite large and you may not be able to pay it right away. This means if you file a paper copy, you will receive a paper assessment. This is especially true if you file your taxes by mail close to the income tax deadline. The time right around the tax deadline is often very busy, so you notice could be delayed.
On average, it takes about eight weeks or more to receive your assessment by mail, though it could take longer if the CRA is very busy. As mentioned, you will receive your Notice of Assessment in the same manner that you submitted your taxes. Therefore, if you filed online, you will receive your Notice of Assessment online. In most cases, you will receive an online Notice of Assessment within two weeks of filing.
However, much like with a paper return, this could take longer if you filed very close to the deadline and the CRA is busy. There is also an option called an Express NOA. This is a situation where you can receive the official document through a secure CRA service. If you opt to receive an Express NOA, you could receive your assessment right in your tax filing software, right after the return has been received and processed. This online document will provide you with a complete summary of your tax situation, an explanation of any changes that the CRA has made, and other information that would typically be included in any CRA Notice of Assessment.
After you file your return and receive a confirmation message, you will be asked to enter your CRA My Account information login and password. Once this is done, you will receive an Express NOA in your tax-filing software. It is important to note that the Express NOA will not show any payments that you have made. If you file your return, make your payment, and receive your NOA all right after one another, your Assessment will be prepared too quickly to properly show any payments you have made.
No matter how you receive your NOA, it is important that you read the information in it and act appropriately. As mentioned, there is sometimes a delay associated with receiving your Notice of Assessment. This is especially true if you filed your taxes close to the income tax filing deadline. During busy times, it will take longer to receive your assessment and therefore receive your refund. In general, it takes between two and 16 weeks to receive a refund after you file your taxes.
However, much like it takes longer for the CRA to mail out paper assessments after it receives a paper-filed return, it also takes longer to receive your refund if you choose to have a cheque mailed to you. According to the CRA, you can receive your refund more quickly if you choose to receive your refund via direct deposit.
You can check the status of your return or refund in several ways. Individuals can check the status of their returns, view their Notice of Assessment, modify their returns, make payments, and access other information on the CRA My Account page.
You can also use the MyCRA mobile app to get similar information about your tax returns and your tax situation. If you wish to do this, you will need to ensure that you have certain information available. When you call, you will need to provide the following:. It is worth noting that the CRA does not start processing returns until mid-February, no matter how early in the year they are filed.
This means that you should not count on receiving your refund until at least March, even if you file in January. There are a number of ways that your tax refund can be delayed. For instance, if your contact information has changed, the CRA will need to contact you to verify information about your return, which can slow the time it takes to process your return.
This will cause your refund to be delayed as well. In addition, if the CRA finds errors in your return, or if your return was randomly selected for an audit, this will also lead to delays. If the CRA contacts you regarding errors in your return or informs you that you have been selected for an audit, it is important that you proceed carefully. Working with experienced professionals is crucial.
Making a misstep can significant and you want to ensure that you are handling the situation in the best possible manner. Please contact us to find out how our team can help you. We are here for you. As mentioned, a CRA Assessment is an important document.
It provides you with critical details about your tax situation and informs you of the correct next steps to take. Failing to read them properly and failing to act if necessary can result in a serious tax situation that can be quite difficult to deal with. While professionals can assist you in resolving your tax problem at this point, it is better to act properly initially and avoid any issues rather than make a mistake.
This is important information to have for financial planning purposes and it can help you prepare your tax return next year. You should keep a copy of your Notice of Assessment wherever you keep the rest of your tax paperwork. The CRA recommends keeping your tax records for at least six years from the tax year they apply. If you apply for a mortgage or another type of loan, the financial institution may request that you provide them with a copy of your Notice of Assessment to prove your income.
Some social programs may also ask you to prove your income via your NOA. You may have to sign up for this service if you have not done so already.
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