CRA Tax Assessments Guide for Beginners and Everyone Else SAU Consulting & Business Advisory Services What is a CRA Tax Assessment? A CRA tax assessment is the process by which the CRA reviews your tax return to ensure that you have reported all of your income and claimed all of the deductions and credits to which you are entitled. The assessment determines whether you owe additional taxes, are entitled to a refund, or have no balance owing or refund due. How Do I Receive a Tax Assessment? If you file your taxes electronically, you will typically receive your assessment within two weeks of filing. If you file a paper return, it may take up to eight weeks to receive your assessment. You will receive a notice of assessment in the mail or can access it through the CRA's online services. What Does the Assessment Mean? The assessment will show whether you owe taxes or are entitled to a refund. If you owe taxes, the assessment will show the amount owed and the due date. If you are entitled to a refund, the assessment will show the amount of the refund and the date it will be issued. What Should I Do if I Disagree with the Assessment? If you disagree with your assessment, you can file a notice of objection with the CRA. This must be done within 90 days of the date of the assessment. You can do this online through submitting a form by mail or fax. What Happens if I Don't Pay My Taxes? If you do not pay the taxes owed by the due date, you will be charged interest on the amount owing. If you continue to not pay your taxes, the CRA may take legal action, including garnishing your wages or seizing your assets. Contact Information! Address: Suite 2010, 777 – 8th Avenue SW Calgary, Alberta, T2P 3R5 Phone: (587) 284 3266 Email: info@sauconsulting.ca Website: https://www.sauconsulting.ca/