It’s common for lenders to ask for Notices of Assessment (NOAs) when validating a mortgage application, especially if the borrower is self-employed or has bonus income, for example.
But applicants often misplace their NOAs, or can’t get them quickly enough from their accountant.
Inaccessible NOAs can sometimes limit your lending options, a problem that’s magnified if you have a tight closing or a financing conditions removal date.
The inability to produce an NOA can also cost mortgage brokers business on occasion. MrTaxes.ca owner Robert Stone says that happens when “the client goes away to find their NOA and does not return because their accountant may be working with another broker. Or, [the client] gets frustrated and goes to the bank, thinking the bank can help them.”
For reasons like these, Stone has built a standalone business of providing NOAs to folks who need them fast.
MrTaxes.ca’s NOA service costs $50. For that, the company guarantees a 24-business-hour turnaround time or it’s free. Stone estimates he meets that timeframe 90% of the time. “We, as other accountants do, use our RepID service with CRA to get NOAs instantly.”
Of course, you can always request your own NOA by calling the CRA (Canada Revenue Agency) at 1-800-959-8281 and answering their questions. You can also get NOA information online (but not the NOA itself) using CRA’s My Account. The problem is that, for security, CRA asks for information from your return that often isn’t available if the NOA is inaccessible.
Moreover, if your accountant has used a different address for service, you might not know which one he/she used (your service address is a mandatory question). In those cases, you have to resort to a written request, which can take up to 2-3 weeks or more, depending on the time of year. That’s a long delay when applying for a mortgage.
We’ve never used MrTaxes.ca’s service so we can’t vouch for it. But we heard about it through Dominion Lending Centres and thought it might be of use to others out there. More info…