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The typical Notice of Assessment (form T451 E) contains a date, your social insurance number, the tax year being assessed, the address of the Taxation Centre where the return was assessed, a summary of your return by line number, the amount you owe or are owed, plus an explanation of any changes.

The explanation of changes area typically states that the return was assessed as filed, or that some changes were made due to calculation errors or omissions. The notice will go on to say that no additional interest will be charged on amounts owed if the debt is paid within 20 days, and it gives you a number to call if you have any questions. At the bottom of the notice is your RRSP deduction limit statement that tells you how your limit was calculated and how much deduction room you have for next year.

Your Notice of Assessment contains some useful information for future years, including your RRSP contribution limit, loss carryforward figures, and alternative minimum tax carryforwards, among others. Keep this notice to help you in preparing your tax return for next year.

The date on your Notice of Assessment is of particular importance — it represents the day the assessment was mailed to you and is referred to as the "assessment date." This date is important because if you don't agree with any changes made by the Canada Customs and Revenue Agency (CCRA), you have the later of 90 days from the assessment date and one year from the original due date of your tax return to object to the changes.

If you don't agree with any change made by the CCRA on your Notice of Assessment, don't wait too long to follow up! There is a time limit to file an objection, and if you miss this deadline you'll be out of luck.

If your Notice of Assessment contains incorrect information, it is your responsibility to contact the CCRA and correct the error. Errors most commonly found include incorrect carryforward amounts and incorrect RRSP contribution limits. If you know that these amounts are wrong and you still use them to your advantage, the CCRA will view this as an intentional misstatement and penalize you accordingly. Examples of misused information include individuals who overcontribute to their RRSP because the contribution limit is incorrect or other individuals who stop paying tax because the notice has incorrectly declared them dead.

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