Notice of Assessment

Importance: 0.71

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.

Synonyms

  • taxes owed
  • tax statement
  • tax summary
  • taxable value

Acronyms

  • NOA

Definition of Notice of Assessment

  1. 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.
Compare. Calculate. Apply today.
Compare Mortgage RatesMortgage CalculatorsApply for a Mortgage