Notice of Assessment
Broad Association: Government of Canada
Narrow Association: Canada Revenue Agency
Relevant Locations: Canada
Is a company: no
Is a proper noun: yes
Notes: Canada Revenue Agency's T451 tax form.
- taxes owed
- tax statement
- tax summary
- taxable value
Definition of Notice of Assessment
- 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.
Related Terms and Acronyms
- Tax Refund — Definition,
- To receive money back from the government.
- 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.
- 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.
- Tax Deduction — Definition,
- An expense that governments allow you to subtract from your income before computing your income tax.
- Assessments — Definition,
- Special and local taxes imposed upon property which benefits from an improvement that has been made in the vicinity.
- Tax Liability — Definition,
- The total amount of tax you owe.
- 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.
- Refund — Definition,
- To give back, return, or repay.
- 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.
- 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.