After you file your tax return, you’ll be issued a Notice of Assessment (NOA) from the Canada Revenue Agency (CRA). We provide some tips on what to look for when you receive your NOA, common reasons for discrepancies between your NOA and tax return and how to handle them.
The CRA Notice of Assessment (form T451) 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. Be sure to compare your notice of assessment to your filed T1 or T2 tax return.
Voluntary disclosure can help you make things right with CRA and get caught up with back taxes. By filing your taxes you could also be benefiting from tax credits and tax programs that put you ahead financially.