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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
62% - Often

Notice of Assessment


Synonyms:tax statement, tax summary, taxable value, taxes owed
Acronyms &
abbreviations:
NOA
Relevant locations:Canada
Notes:Canada Revenue Agency's T451 tax form.
Filed Under: financial-banking, government, legal-contracts, mortgages, taxation
Tags: mortgage lender, taxes
 
Broadly associated with: [Government of Canada]
Narrowly associated with: [Canada Revenue Agency]

Definition of Notice of Assessment (NOA)

Notice of Assessment (NOA)
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:

  • assessments   Special and local taxes imposed upon property which benefits from an improvement that has been made in the vicinity.
  • audit   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   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   An inventory of papers a lender needs to underwrite a loan, usually including pay-cheque stubs, bank statements and tax returns.
  • electronic filing (EF, NETFILE)   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   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   To give back, return, or repay.
  • tax deduction   An expense that governments allow you to subtract from your income before computing your income tax.
  • tax liability   The total amount of tax you owe.
  • tax refund   To receive money back from the government.

Broad and Narrow Associations

[Government of Canada]
  • Canada Mortgage Bonds (CMB) — Est. 2001, Canada, Very Important   A fully guaranteed fixed interest rate income investment backed by CMHC (a crown corporation of the Government of Canada).
      ➥  Issued by the Canada Housing Trust (CHT).
  • Registered Retirement Savings Plan (RRSP)Canada, Very Important   A savings plan introduced by the federal government to encourage Canadians to save money for retirement. The investment and the interest earned on it is sheltered: it will not be taxed as long as it is left in the plan.
      ➥  Tax deferred investment contribution used to reduce income tax.
  • Canada Mortgage and Housing Corporation (CMHC)Company Est.1946, Canada-wide, Very Important   The Canada Mortgage and Housing Corporation: this is a Federally run institution that provides banks and lenders with mortgage insurance. Not to be confused with life or property insurance. In the event of default or foreclosure CMHC assumes responsibility of the property and reimburses the bank/lender the entire mortgage amount. This insurance is required generally when you have less than 25% equity or down payment. This insurance is paid by the property owner in advance but usually added to the mortgage amount. See also "G.E. Capital."
      ➥  Insures Canadian mortgage lenders.
  • Registered Education Savings Plan (RESP)Canada, Very Important   An investment vehicle used for a child's post-secondary education.
      ➥  RESPs are offered by most financial institutions in Canada.
  • Home Buyers' Plan (HBP)Canada, Very Important   A way for a homebuyer to use part of his or her RRSP as a down payment on a mortgage.
      ➥  Government assistance for first-time homebuyers.
[Canada Revenue Agency]
  • Registered Retirement Savings Plan (RRSP)Canada, Very Important   A savings plan introduced by the federal government to encourage Canadians to save money for retirement. The investment and the interest earned on it is sheltered: it will not be taxed as long as it is left in the plan.
      ➥  Tax deferred investment contribution used to reduce income tax.
  • Home Buyers' Plan (HBP)Canada, Very Important   A way for a homebuyer to use part of his or her RRSP as a down payment on a mortgage.
      ➥  Government assistance for first-time homebuyers.
  • registered retirement income fund (RRIF) — Canada, Important
  • Canada Revenue Agency (CRA) — Company, Canada, Important
  • Home Renovation Tax Credit (HRTC) — Canada, Important

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