Do we need notice of assessment?
Yes, it is an important document. Notices of assessment are official documents sent by revenue Canada and revenu Québec via the mail or Internet. These details, among other things, your income for the last fiscal year, the tax you have to pay, the tax withheld at the source (from your pay), and the difference either in refund or on balance to be paid, the interest if there is a balance of taxes to pay.
Normally, the final amount on your notice of assessment should be a few dollars close to the calculations that the accountant does when he prepares the tax return. If the amounts differ greatly and you do not know why, do not hesitate to photograph all the pages of your notice of assessment and send it by email. I could look for you where the difference comes from.
The notice of assessment is an important legal document to keep. It is used in particular for proof of income in cases of application for personal or mortgage loans.
It may also be useful in the case of a grant application or other government services (housing assistance, legal aid, etc.) It is important to keep your notice of assessment, PDF return or tax paper, as well as all your official receipts or invoices that have been helpful in preparing your tax for 6 years.
Since the notice of assessment may contain valuable information, I strongly recommend that you bring it to me and show it on your next visit. Remember that there are two notice of assessment (Revenu Québec and Canada)
Among these information are:
• Deferred tuition fees: You register your tuition fees in the year of your education, if you are not taxable (+ $15 000 of income) you carry these amounts until you are.
• Maximum deductible RRSP. (The maximum you can put in your RRSPs per year)
• Amount B: If you have not used all your RRSP deductions for one year, you will be able to use them whenever you like.
• RAP: Amount to be reimbursed (if you purchased a home, and used your RRSPs to do so, you will need to remit a minimum amount per year in your RRSPs)
• LLP: Amount to be reimbursed (same as for home, if you used your RRSPs to return to school)
• Capital Losses: If you play on the stock exchange and accumulate losses, you can apply them on future earnings.
• Non-Capital losses (if you accumulate business losses in various investments).