By Cris Best ( December 11, 2024, 3:00 PM EST) -- If you file a tax return or after an audit, the Canada Revenue Agency (CRA) will issue a tax assessment, including in the form of a notice of assessment or reassessment. The amount of tax owing is stated on the notice. Interest applies to outstanding amounts as of the “balance due day,” defined in subsection 248(1) of the Income Tax Act, R.S.C., 1985, c. 1 (5th Supp.) (ITA)....