As the tax season approaches, it is critical to recognize the key files you will get from the Canada Revenue Agency (CRA) following the filing of your tax return. The Notice of Assessment (NOA) and the T1 General are two of the maximum important documents. The NOA gives the quantity of tax which you owe or the refund you will get hold of based totally at the info that you have provided for your tax return. Meanwhile, to calculate your tax liability T1 general is the primary document. In this article, we will discuss an overview of both the NOA and T1 General, which includes their purpose, difference, and their importance.
What is a Notice of Assessment?
A note from Canada Revenue Agency (CRA) is acquired after the submission of the Tax go back. This is known as a Notice of Assessment (NOA) which covers the tax amount required to be paid or any refund amount you're eligible to get hold of. The NOA summarizes your tax go back information, i.e. Your income, deductions and credits in conjunction with any amendments made by CRA. It is a confirmation by CRA that the tax return has been received and processed accurately. OA can utilize as evidence of tax return status for applications for loans or mortgages. NOA can be obtained on the CRA’s my account service online or by requesting a physical copy to be sent by post.
What is a T1 General?
In Canada, the T1 General is the primary document used for filing personal income tax returns. This form is quite extensive and requires individuals to provide detailed information on all their earnings, expenses, and credits for the year. Along with the main form, the T1 General includes schedules and additional forms for reporting business income, capital gains, and rental income. You can obtain a copy of the T1 General from the CRA website, or you can file your tax return electronically through approved tax software. The CRA will use the information on the T1 General to calculate your tax liability and determine if you owe any money or are eligible for a refund.
When you file your T1, you will need to provide information about the following:
- Income earned in the previous year from employment or self-employment
- COVID-19 benefits and any other benefits
- Investment income
- Benefit income
How to Obtain a Notice of Assessment and T1 General?
1- Notice of Assessment
There are three ways in which you can obtain a Notice of Assessment:
- Online
- By regular mail
- The MyCRA app on your mobile device
Let’s take each one in turn:
- Online
Just go to the Canada Revenue Agency’s website and use the “My Account” service. The My Account service now allows taxpayers to view and manage most tax information online, including the Notice of Assessment. Once the CRA has looked at your T1 General, it will send you a Notice of Assessment. This is where you can find it.
If you already have an account with the CRA, all you have to do is sign in. If you don’t, you can make an account and follow the easy steps on the site. On the government website, your NOA is under the tab called “tax returns.”
In the “My Account” section, you can also check to see if your NOA is ready and make changes to your information.
For example, if you move, you should update your contact information or change your bank information for direct deposit.
- Regular Snail Mail
If you’d rather do things the old-fashioned way, you can still get your Notice of Assessment through the regular mail.
To do this, call the CRA at 1.800.959.8281 and ask them to send you a copy to your home address.
- The MyCRA App
Downloading the MyCRA App is a simple way to get this important piece of information for your mortgage qualifications.
You can change your personal information and other parts of your profile, just like you can with an online account on the CRA website. You can also check your tax balance, statements, and mail from the CRA.
The MyCRA app is now available for businesses and individuals.
The MyCRA app is now a standalone app that can be downloaded from the Google Play Store or Apple App Store. It was only accessible through web browser before.
2- T1 General
On the CRA website, you can find your T1 General for this year and the last 11 years.
Your T1 General should be given to you by the person who sends in your tax return as soon as the return is done. You can find your T1 General if you do your own taxes using software like TurboTax or UFile.
If you can’t find your return, you’ll need to ask for a copy from the agency or person who filled out your return.
Why is the Notice of Assessment and T1 General Important?
The Notice of Assessment (NOA) and T1 General are important documents used to file personal income tax returns in Canada. The NOA is a critical document that gives the status of a tax return and alerts to any potential problems. It includes the date the tax return was checked, as well as details about any refunds or credits due. The T1 General is essentially the same document, but it is not an official document
Let Us Help with These Income Documents
If you’re having trouble collecting the documents for your mortgage application, you’re not alone! It can be difficult to keep track of document names and where you can go to find each one, especially if you’re a first-time homebuyer who has never had to access them before.
We hope you’ve found this outline about Notice of Assessment (NOA) and T1 General useful.
Taxpayers needing more information on these topics and other income documents can contact the Filing Taxes team of professional accountants today at 416-479-8532. Start their journey towards owning a home. Schedule an NTR engagement appointment with us and take the first step towards proper management of your finances.
Disclaimer: The information provided on this page is intended to provide general information. The information does not consider your personal situation and is not intended to be used without consultation from accounting and financial professionals. Salman Rundhawa and Filing Taxes will not be held liable for any problems that arise from the usage of the information provided on this page.