Notice of assessment

Definition

A document from the Canada Revenue Agency (or Revenu Québec) confirming that a tax return was processed, showing the income assessed and any balance owing. A lender often asks for two years to cross-check declared income, especially for self-employed borrowers. An unpaid tax balance can delay or block a file: settle it or set up an arrangement before applying. Notices can be downloaded from My Account (CRA); get them before the offer, not during the financing deadline.