CRA Notice of Assessment (NOA) Errors You Need to Know About NOW

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📌 Timestamps:
0:00 - Intro
0:26 - What is a CRA Notice of Assessment (NOA)?
0:53 - How Does the CRA Decide to Review Your Return?
1:24 - Steps to Take After Receiving Your NOA
1:35 - Step 1
1:52 - Step 2
2:11 - Step 3
3:15 - Step 4
3:43 - Step 5
4:09 - Step 6
4:35 - Summary

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🇨🇦 Have you received a Notice of Assessment (NOA) from the Canada Revenue Agency (CRA)? In this video, we explain what an NOA is, why you receive one, and the steps you should take to ensure your taxes are properly reviewed. Whether it’s a discrepancy in your filed tax return or missing documentation, understanding your NOA is crucial for avoiding penalties and interest charges.

📝 We walk you through the actions you should take after receiving an NOA, from comparing your tax return numbers to the CRA’s assessment, to filing a T1 or T2 adjustment if necessary. If the CRA made a mistake, or you forgot to submit a key document like a medical expense receipt, this video explains how to correct your return and avoid further issues.

📈 Key Takeaways:
How to read and understand your CRA Notice of Assessment (NOA)
Common reasons why CRA may adjust your tax return
Steps to file a T1/T2 adjustment or Notice of Objection
Payment considerations for disputed taxes
How the CRA reassessment process works

🙋‍♂️ Who is this video for?
Canadians who have received a Notice of Assessment from the CRA
Business owners navigating CRA corporate tax adjustments
Individuals dealing with tax discrepancies or CRA reassessments
Anyone needing guidance on filing a Notice of Objection

💡 Conclusion: Don’t let a CRA Notice of Assessment stress you out. With the right steps, you can address discrepancies, file an adjustment, or resolve disputes quickly. This video provides a clear guide on how to manage your tax situation efficiently and avoid any unnecessary penalties or interest.

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👤 Who Am I: Allan Madan is a CPA and tax expert with over 20 years of experience in public accounting. As the founder of Madan Chartered Accountant in Mississauga, Allan has helped countless individuals and businesses with tax planning, compliance, and disputes. His expertise covers both Canadian and international tax.

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https://madanca.com/
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Disclaimer: The information in this video is intended for general use and does not account for specific personal tax situations. Always consult a professional accountant for personalized advice. Allan Madan and Madan Chartered Accountant are not liable for any issues that arise from using the information provided.