Plain meaning
A later CRA determination that changes a previously assessed tax return or account.
Also called
notice of reassessment
reassessments
Key points
- A reassessment changes a previous assessment for a tax year or reporting period.
- The CRA may reassess after a review, audit, matching program, objection, court decision, or taxpayer adjustment request.
- Time limits usually apply, but extended periods can apply in some circumstances such as misrepresentation or certain foreign-reporting matters.
- A reassessment can create a refund, increase a balance owing, adjust carryforwards, or change benefit and credit calculations.
- If a taxpayer disagrees, objection and appeal rights may be available within statutory deadlines.
Why it comes up
Reassessments can change tax, interest, penalties, benefits, limitation periods, and dispute rights.