CRA Notice of Collections vs. Notice of Assessments: What You NEED To Know

In this video, we delve into the key disparities between a CRA Notice of Collection and a Notice of Assessment, crucial aspects of taxpayer responsibilities. Understanding these government notices is essential in navigating tax disputes, safeguarding taxpayer rights, and ensuring legal compliance with financial obligations. Join us to learn how Revenue Canada issues these notices in the realm of Canadian taxes and how they impact tax preparation processes.

Navigating through CRA documents can be daunting, but we're here to help make it easier for you. In this video, we'll cover:

🔹 Notice of Assessment (NOA):
What it is and when you receive it
Key information included in the NOA
How to interpret your NOA
What to do if you spot an error or disagree with the assessment

🔹 Notice of Collection:
What it signifies and why you might receive it
Steps the CRA takes before issuing this notice
Possible implications and actions required
Tips on how to handle and resolve collections issues
Understanding these notices is crucial for staying on top of your tax responsibilities and avoiding potential penalties or interest. Whether you're a new taxpayer or have been filing for years, this video will provide valuable insights to keep your finances in check.

Chapters:
0:00 Intro
0:26 Overview
2:54 Timeline of contact from CRA
7:10 Payment Plans
8:48 Legal Actions from CRA
12:12 Request a Payment Plan
14:44 Objections and Appeals Timeline
17:50 Taxpayers Relief Provisions

🔔 Don't forget to like, comment, and subscribe for more tax tips and financial advice!

Additional Resources:

CRA Notice of Assessment: https://www.canada.ca/en/revenue-agen...
CRA Notice of Collection: https://www.canada.ca/en/revenue-agen...
How to Contact the CRA: https://www.canada.ca/en/revenue-agen...

Check out my socials for other tips and tricks on how to run a successful business in Canada, and as always, feel free to message me with any questions!


Register your Sole Prop/ Incorporate thru Ownr (15% Discount through Affiliate Link): https://partners.ownr.co/n7amjwp1phfn

  / fixmybooks  
  / fixmybooksca​  
  / fix-my-books-inc  
https://www.fixmybooks.ca/

#cra #canadarevenueagency #canada #bookkeeping #startup #smallbusiness #smallbusinessowner #smallbusinessideas #bookkeeper #taxreturn #taxes #compilation #review #audit