My name is Ryan Boughen, and I love my job as a Regina mortgage broker!
I enjoy helping people that have all sorts of mortgage needs, from purchasing their next home, helping them with their mortgage renewals, or mortgage refinancing to lower their mortgage interest rate. In my latest mortgage tip I share how to find your Notice of Assessment quickly and easily.
What is a Notice Of Assessment?
A Notice of Assessment, or NOA, form is usually a 1 or 2 page form that Revenue Canada sends back to you as a summary of your received Tax Return. It will either contain a refund cheque or a bill for your outstanding taxes for the previous tax year. It will include the date, your full name, SIN number, tax year and tax centre clearly indicated in the top row of the page.
Why do lenders require NOAs?
1. To confirm if there are any outstanding taxes owed to Revenue Canada.
2. To confirm your taxable income as per line 150.
Tax arrears could be placed on the title of your home and take priority over any mortgage financing in a sale of the property. The lender will require the tax arrears to be brought up to date before advancing mortgage funds.
Where can I find my NOA?
1. Email me, and we will have a tax professional obtain your Notices of Assessment on your behalf.
2. You can obtain a duplicate copy by contacting the Canada Revenue Agency, or by logging into your account with them at http://www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/myccnt/menu-eng.html.
If you need more help finding your Notice of Assessment, information or mortgage rates and mortgage pre-approvals, or are a first time home buyer in Regina, contact me anytime.
This article is not intended to provide tax advice or any other advice.
