CRA Tax Assessments in Toronto
Tax assessments are an important part of your submission process. Even after you’ve submitted your tax return, the Canadian Revenue Agency is responsible for reviewing your documents and determining if there are any discrepancies or simply stating what you owe or are entitled to as a return.
Our licensed auditors and tax accountants in Toronto can help you effortlessly navigate the intricacies and nuances of CRA tax assessments.
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Tax Assessment Experts in Toronto
Faris CPA is proud to be a leader in tax accounting with over 15 years of industry experience. We specialize in CRA tax returns and assessments for individuals and a wide range of businesses in Toronto, including retail, distribution, construction, and non-profit organizations.
Our income tax assessment experts work with clients to ensure they understand the entire tax process from the moment they file their returns to any discrepancies or inquiries brought forth by the CRA.
When you’re presented with an NOA, we’ll work with you to translate any confusing language, determine if you owe any money, and ensure you’re met with quick and innovative tax return and assessment solutions.
CRA Notice of Assessment
Understanding Your NOA
When it comes to filing your taxes, the CRA will engage in what’s known as a notice of assessment. Your NOA is a complete evaluation of your tax return and is sent every year after your return has been filed.
Your NOA consists of various key details related to your taxes, including the date your return was reviewed and all details related to the amount of money you owe or will be receiving as a refund or credit.
Challenging Your NOA
If you’ve received a corporate or personal income tax assessment from the CRA and believe their findings are inaccurate or unfair, there may be opportunities to challenge your audit results with the help of a professional CPA.
Once you’ve received your NOA, time is of the essence. You have 90 days to object to your tax return assessment through the Income and Excise Tax Acts. The first of those 90 days begins at the time your notice is sent, not when it’s been received.
Your corporate or personal income tax assessment objection must be filed with the CRA and include all relevant information, including dates, the reason for your objection, and any other relevant details.
Find Tax and Assessment Help in Canada
At Faris CPA, our accounting professionals help clients understand the intricacies of their NOAs and the appropriate next steps. If there are grounds to object to your tax return assessments, our team will ensure you have all the information you need to submit your claim.
We understand the complexities and nuances involved in tax filings, returns, and income tax assessments from the CRA. Whether you’re looking to submit an objection to your corporate or personal tax results, we’ll help you navigate the next steps with ease.
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Chartered Professional Accountant (CPA) in Canada, U.S. and U.K.
Hire an Experienced CPA for Your Tax Return Assessment
Faris CPA is proud to be a leading accounting firm with over a decade of industry experience and expertise. With our trusted President, Sam Farris, at the helm, we’ve helped thousands of Canadians navigate the nuances of their tax filings, returns, and assessments.
Understanding the details of your income taxes and CRA assessments can be an overwhelming process. We work closely with our clients to ensure they have the appropriate tools and resources to proceed with the next steps.
Whether you’re looking to understand the details of your corporate or personal income tax assessment, trust Faris CPA to ensure your financial needs are met.
What is a tax assessment?
A tax assessment — known in Canada as a notice of assessment or NOA — is the process of determining the overall value, and often use, of your property or income. With this information, the CRA can determine if you’re entitled to a tax return or if you owe money to the federal government.
Why am I receiving a notice of assessment?
A notice of assessment is sent by the CRA to outline the details of your tax return and any refunds or owed amounts. Assessments are typically received approximately two weeks after filing a return and can contain a host of valuable information, including eligible tuition credits and maximum RRSP contributions.
With the details of your taxes outlined in your assessment, you can determine if there are necessary next steps regarding paying what you owe or disputing claims by the CRA.
What’s included in a tax assessment from the CRA?
Tax assessments from the CRA typically include four components:
This section is at the top of your assessment and includes either the amount of taxes owed and the payment deadline, notice of zero balance, or the amount you’ll receive in the form of a refund.
This section includes details from the primary section of your tax return, including income and any relevant deductions. It will also include any discrepancies or penalties the CRA has added to your owed amount.
Explanations & Additional Information
Any changes to your tax return will be outlined in this section, including information pertaining to your income or any eligible deductions. If you’re between the age of 25 and 65, you will also find your Canada Training Credit limit in this section, which outlines the amount you’re eligible to claim in future tax years as a credit for training or tuition fees.
RRSP Deduction Limit
Any information pertaining to RRSP contributions and deduction limits is listed here, including any excess RRSP contributions made in the current tax year.
Tax return vs. notice of assessment
While these two terms are connected, there are noticeable differences between a tax return and a tax assessment.
Tax returns are the physical or electronic forms submitted to the CRA, outlining a business or individual’s earned income and other relevant financial details.
Tax assessments are annual statements sent by the CRA outlining the details of your return and their findings. An assessment includes any money owed to the government, credits or refunds, and important details regarding tuition or training credits and RRSPs.
Normal vs. extended tax reassessment
The CRA is entitled to review and reassess a taxpayer’s corporate and personal tax returns for any reason; however, there are two reassessment periods to consider.
A normal reassessment period is three years from the date of the original CRA tax assessment for most individuals and may be up to four years for corporations.
On the other hand, normal reassessment periods can be extended for an additional three years for a wide range of reasons, including carrying back a credit or loss from a later tax year, putting into practice the application of the non-resident trust rules, or if a corporation pays an amount or receives a refund of profits tax or foreign income.
How to dispute tax assessment
The process of disputing a tax assessment from the CRA is time-sensitive since you only have 90 days from the day your assessment is sent, not when it’s been received. The CRA provides the appropriate forms to file your objection and it is up to the individual submitting to ensure all dates and details involving the objection are included.
If you’re looking to challenge CRA tax assessments, a professional CPA can help. At Faris CPA, we work with individuals and organizations to determine the appropriate next steps and ensure you have the resources you need to yield your desired financial results.
How can Faris CPA help with my taxes and assessments?
At Faris CPA, we work with people and organizations across Toronto to help them find the right financial solution.
With over 15 years of experience, our licensed accountants and CRA tax audit professionals can help you understand the details of your CRA tax assessment and suggest the appropriate next steps. We offer an unparalleled insight into the nuances of our federal tax system and have the tools and resources to ensure you’re put in the best financial position.
If you need to submit an objection to your corporate or personal income tax assessment, our specialists will provide the insight you need to confidently fill out all relevant CRA tax forms and ensure you’ve included the necessary details to yield your desired results.
Contact our team today to learn more about our tax return and assessment solutions.