Hang on to those Notice of Assessments!

With Tax season approaching, this is just a heads up to keep your NOA!

What’s an NOA? …..you know when you file your tax return and the Government sends you that 5 pages of paper that has your annual income, tax credits etc. along with the RRSP deduction limit statement? That’s your Notice of Assessment (NOA) and it’s important that you don’t throw it out and keep it in a safe place as you will need that in the future if you are looking to obtain a mortgage or loan (especially those that are self-employed). 

However, not only the self employed will need them as we are finding many Lenders require a copy of the most recent NOA to ensure that there are no taxes owing to CRA.  You can access them online but need to go to the CRA website to request an access code which takes 10 business days. Once you have the code you can access your past ones online. If you wish to request an access code here is a link to the CRA site. You will need your SIN # and the amount from line 101 of your most current tax return.