What you Need to Know About an Express Notice of AssessmentMay 10, 2023
Table of Contents Contents
This information is:
- An account summary, also referred to as a tax assessment summary
- Results of your return showing if you have a tax refund, a zero balance, or a balance owing
- RRSP(Registered Retirement Savings Plan) /PRPP(Pooled Registered Pension Plan) deduction limit statement
- Home Buyers Plan statement if applicable
- Lifelong Learning Plan statement if applicable<
- Your deposit information such as your bank account, financial institution and direct deposit information
- Your business number if you have your own business
- How much you received back in tax credits (disability tax credit)
What's no longer included on your Notice of Assessment you get in the mail or your Express Notice of Assessment online, is the maximum contribution limit for your Tax Free Savings Account (TFSA). However, you can still get online access to this information by registering for or logging into your My Account.
It's important to keep in mind that while an Express NOA is the same as a traditional NOA, there is a chance, if you owe money on your tax bill, how much you owe may not be shown if you have to pay taxes around the same time that you file your tax return online with a tax filing software. If this is the case then you can call the CRAs tax information phone services or sign into your My Account through the CRA website.
Why Should You Keep Your Notice of Assessment?
Your Notice of Assessment contains a summary of your tax records for the year. While it contains the information that was on your T4 as well as your other tax documents, it's an official government document and is used to prove your income. Many financial institutions will ask for it in order to get a loan or purchase a home. It's also proof you filed your tax return.