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Notice of Assessment: More than a piece of paper!

Notice of Assessment: More than a piece of paper!

May 25, 2021

Assuming you filed your personal taxes by the deadline, you have likely received your Notice of Assessment.

Some people do make the mistake of taking a quick look, and then tossing the letter into the recycling.

But you should know, the notice contains significant important information for you.

Of course it includes all the details from your tax return, such as income, tax owing, or refund.   But it also display important information which can help in your tax, and life planning.

Among those, details on your Registered Retirement Savings Plan deduction limit–the amount you can deposit over the next year, as well as your contribution room.  Think of that as your collective total available to be deposited.   If perhaps, you were to come into a financial windfall, that will be valuable information to use.

It also contains details on the Home Buyer’s Plan, and the Lifelong Learning Plan, if you have participated in either one of those programs.

You can find an easy to understand description of the Notice of Assessment at this link.

In the meantime, put your notice of assessment in a safe place, even if you don’t touch it again until next tax season!

 

 

 

 

Nimalan Balachandran is the Founder & CEO of CloudTax, an income tax filing platform, certified by the Canada Revenue Agency, that allows simple tax filers to file their taxes from home. He was a former employee at the Canada Revenue Agency, and has been in the tax preparation industry for over 10 years. His goal was to bring his passion for technology and assisting Canadians in minimizing their taxes together, by building new software that allows Canadian residents to file simple taxes on their own. Along with his background in accounting, finance, artificial intelligence & business strategy from Seneca College and Massachusetts Institute of Technology, Nimalan has also worked as a Financial Advisor at Sun Life Financials. Nimalan also co-founded a not-for-profit organization, ATI Foundation, serving individuals with intellectual and physical disabilities in the Greater Toronto Area.



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