Notice of Assessment /

Notice of Re-Assessment

1. What is a Notice of Assessment or Notice of Re-Assessment?

A Notice of Assessment (NOA) is an annual statement sent by the Canada Revenue Agency (CRA) to taxpayers after processing their tax return. It outlines the details of their tax return, including income, deductions, credits, and any balance owing or refund. A Notice of Re-Assessment is similar but is issued when the CRA has reviewed and adjusted a previously assessed tax return, often due to errors or additional information.

2. Where can I find my Notice of Assessment or Notice of Re-Assessment?

You can obtain your NOA or Notice of Re-Assessment from:

• Your online CRA account (My Account for Individuals)
• The physical copy sent by mail to your registered address
• Your tax preparer or accountant, if they have access to your tax records

3. Is this document known by any other name?

The Notice of Assessment or Notice of Re-Assessment is generally known by these names. However, it may be informally referred to as:

• Tax Assessment Notice
• Tax Re-Assessment Notice
• CRA Assessment

4. What does the Notice of Assessment or Notice of Re-Assessment look like?

The NOA and Notice of Re-Assessment typically include detailed information presented in a formal document format. While I can't provide a direct link to a sample image, you can usually find examples on the CRA website or by searching for "Canada Notice of Assessment sample image" online.

Notice of Assessment or Notice of Re-Assessment

New-Notice-of-assessment

5. Is the date of this document important?

Yes, the date of the NOA or Notice of Re-Assessment is important as it indicates the tax year to which the assessment or re-assessment applies. It is crucial for ensuring that the financial information used in the mediation process is current and relevant.

6. Why is the Notice of Assessment or Notice of Re-Assessment relevant to the outcome of my settlement?

The NOA or Notice of Re-Assessment is relevant to the outcome of your settlement for several reasons:

• Income Verification: It provides an official record of your income, which is essential for calculating spousal and child support.
• Tax Deductions and Credits: It details deductions and credits claimed, which can impact your overall financial situation.
• Financial Accuracy: Ensures that the financial information used in the mediation process is accurate and verified by the CRA.
• Net Family Property: The information from the NOA or Notice of Re-Assessment is used to calculate net family property, ensuring an equitable division of assets and liabilities.

7. What else should I know about this document?

• Review for Accuracy: Ensure that the information on the NOA or Notice of Re-Assessment is accurate and reflects your actual income and tax situation.
• Keep Updated Records: Maintain copies of your NOAs and Notices of Re-Assessment for several years, as they may be required for future financial planning or legal purposes.
• Understand Adjustments: If you receive a Notice of Re-Assessment, understand why adjustments were made and how they affect your financial situation.

8. How will the mediator use this document?

The mediator will use the NOA or Notice of Re-Assessment in preparation for your support calculations. Specifically, the mediator will:

• Assess Income: Verify your income to calculate appropriate levels of spousal and child support.
• Financial Analysis: Incorporate the information into a broader financial analysis to ensure that all aspects of your financial situation are considered.
• Ensure Fairness: Use the NOA or Notice of Re-Assessment to ensure that the financial information used in the mediation process is accurate, leading to fair and equitable support calculations and division of assets.

Understanding the details and implications of your Notice of Assessment or Notice of Re-Assessment is essential for an accurate and fair settlement process in separation and divorce mediation.