What is the Notice of Assessment?
The CRA sends you the Notice of Assessment after they have processed your federal income tax return. Information included on the Notice of Assessment includes:
- Refund or balance owing
- Breakdown of income
- Whether or not you are entitled to the GST/HST Credit
- RRSP deduction limit
- Repayment required for the Home Buyers' Plan
- Tuition, education and textbook carry-forward amounts
- Unused net capital losses
If any errors are discovered subsequently you'll receive a Notice of Reassessment. The CRA has three years from the date on the initial Notice of Assessment to make a reassessment.
Revenu Québec sends a notice of assessment for Québec income tax.