Notice of Assessment (NOA)
Canadian ProgramsA statement the CRA sends after processing your tax return, confirming your income, deductions, credits, and any refund or balance owing. Your NOA also shows your RRSP contribution room for the following year. Lenders and landlords sometimes ask for it as proof of income.
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Registered Retirement Savings Plan (RRSP)
A tax-deferred savings account for retirement. Contributions reduce your taxable income now, and the investments grow tax-free inside the plan. You pay tax when you withdraw, ideally in retirement when your income and tax rate are lower.
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T4 slip
A form your employer gives you each year showing your total earnings and deductions (income tax, CPP, EI). You need your T4 to file your tax return. If you worked for multiple employers, you will receive a T4 from each one.
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Deduction
An amount subtracted from your income before tax is calculated, reducing the total tax you owe. Common deductions include RRSP contributions, child care expenses, and union dues.