Notice of Assessment

Definition

  • A form issued by the Federal Government when personal taxes are complete. A notice of assessment shows a breakdown of the given years income along with the balance owing or the refund amount.

Relevant Locations
Canada

Notes
Canada Revenue Agency's T451 tax form.

Synonyms
tax statement, tax summary, taxable value, taxes owed

Acronyms
NOA

Related Terms and Acronyms

  • Assessments Definition,
    • Special and local taxes imposed upon property which benefits from an improvement that has been made in the vicinity.
  • Audit Definition,
    • An examination of a taxpayer's income tax return or other transactions bearing tax consequences. Audits range from a simple letter from the agency to a detailed review of individual or business tax filings and records.
  • Deductions Definition,
    • Expenses the government allows you to subtract from your taxable income. If you have taxable income of $31,000 and deductions of $4,000, then you would figure how much tax you owe on the difference -- $27,000.
  • Document Needs List Definition,
    • An inventory of papers a lender needs to underwrite a loan, usually including pay-cheque stubs, bank statements and tax returns.
  • Electronic Filing (NETFILE, EF) Acronym, Very Important,
    • Taxpayers can now file their tax information with personal computers and tax preparation software. The information goes directly to Revenue Canada and they can directly deposit refunds into the taxpayer's bank account.
  • Income Tax Definition,
    • The main source of revenue for the federal government and many Provinces. The tax is based on your earned and unearned income. The amount or percentage taxed is based on the amount of income, using the governments graduated tax scale.
  • Refund Definition,
    • To give back, return, or repay.
  • Tax Deduction Definition,
    • An expense that governments allow you to subtract from your income before computing your income tax.
  • Tax Liability Definition,
    • The total amount of tax you owe.
  • Tax Refund Definition,
    • To receive money back from the government.
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