What Is A Notice Of Reassessment Cra
What is a Notice of Reassessment from the CRA?
Reassessments are a regular aspect of the Canada Revenue Agency's (CRA) tax review process. However, receiving a Notice of Reassessment can sometimes seem daunting, particularly if you don't understand what it means. This article aims to shed light on the nature of a CRA reassessment, why you might receive one, and how to respond to it via the CRA's website, mobile app or call centre.
Understanding the Notice of Reassessment
A Notice of Reassessment from the CRA is essentially an updated tax assessment. It indicates that the CRA has made some adjustments to your initial tax return. The Notice of Reassessment includes up-to-date information about your income tax for a particular year after the CRA has reviewed and made any necessary changes to your file. Though this might sound a bit disconcerting, it's not always bad news. Occasionally, the CRA might make adjustments that are in your favour, such as incorporating deductions you missed or correcting mathematical errors.
How to Respond to a Notice of Reassessment: Website, Mobile App, and Call Centre
You have three main options for addressing a Notice of Reassessment: via the CRA's website, the CRA's mobile app, or by contacting the CRA's call centre. Here is a comprehensive guide on how to go about each of these options.
Option 1: Using the CRA Website
Using the CRA's website can be a straightforward way of addressing a Notice of Reassessment. The site offers the "Represent a Client" service where you can view and manage tax accounts, view mail, and much more.
First, log in to your CRA account. Locate the 'Reassessments' tab, which will provide a detailed outline of why the adjustments were made. If you disagree with the changes, you can choose to dispute them by filing an objection. Remember to include supporting documents and explain why you think the reassessment is incorrect. After the CRA reviews your objection, you will receive the outcome on the website.
Option 2: Using the CRA Mobile App
The CRA also offers the "MyCRA" mobile app, a user-friendly platform that you can navigate to address your Notice of Reassessment. Like the website, the app is secure and you can view the specifics of your reassessment, track the status of your dispute and receive updates and alerts. The added advantage is the convenience of accessing your information anytime, anywhere.
Option 3: Using the CRA Call Centre
If you're not comfortable with online options, the CRA call centre is also available. By dialing the CRA's toll-free number, you can speak to an agent who can guide you through your Notice of Reassessment and how to respond to it. Always have your SIN and Notice of Reassessment on hand for verification purposes.
Conclusion
Regardless of which option you choose, it is essential to respond promptly to a Notice of Reassessment. This prevents potential issues down the line, such as outstanding balances and interest. Therefore, whether you choose to use the CRA's website, mobile app or call centre, being adequately equipped with knowledge about your Notice of Reassessment ensures that you stay in good standings with the Canadian taxman.