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NOA Discrepancies (Notice of Assignment)

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Accounting-Vs.-Bookkeeping
Bookkeeping vs Accounting
June 15, 2021
Published by Admin on June 17, 2021
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  • Bookkeeping and Accounting
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Always compare your NOA against the calculations on your filed T1 or T2 income tax return and see if there are any changes.

Below are few common reasons for discrepancies:

1 Missing on tax slip.

Sometimes you miss a tax slip that includes both income reported and income taxes deducted.

Always check that all amounts have been added, If CRA add the slip later, they may add the income without adding the Income tax deducted.

2 Your tax payment hasn’t been processed yet.

Firstly don’t panic, If you receive NOA which says you have a balance owing or that you owe interest.

The NOA is computer generated, which means payments sent with your tax return may not be reflected immediately on the NOA.

There could be many more reasons.

✓ What is the deadline for filing an NOA objection?

Individuals must file their objection by whichever of these two dates is later:

• 90 days from the date of your notice of assessment or determination, or.

• one year after the tax filing deadline for the return.

For more information contact us now!

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