The CRA My Account explained

The CRA My Account explained

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Are you looking to open a Canada Revenue Agency My Account? Well, you don’t have to look elsewhere. In this article, we will cover the step-by-step process on how to open a CRA My Account and use it.

CRA stands for the Canada Revenue Agency. As part of their policy, every Canadian resident is bound to have or has to open a new CRA My Account. If you are a new resident of Canada and if you are experiencing problems opening a MyAccount for CRA, follow this guide and you will be fine. You can use the CRA My Account to file your taxes, check your TFSA/RRSP deduction limits annually, print or see your NOA (notice of assessment) or even see your tax refund status.

A CRA My Account can be of two types – For Individuals and Business Accounts.

What is the Canada Revenue Agency?

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The Canada Revenue Agency or CRA is a federal agency that controls tax laws for the Canadian government and for most areas and territories within Canada.

By logging in to your CRA My Account, you’ll be able to see each and every tax deduction that has been remitted from an employee’s Gross pay, federal and provincial income tax, CPP contributions and EI premiums which are sent to the CRA and then spread to the suitable government subdivision. The CRA also monitors acquiescence on behalf of governments across Canada.

CRA’s main office is situated in Ottawa and it is separated up into five regions for administrative purposes – Atlantic, Quebec, Ontario, Prairie, and Pacific. Each region has tax service offices that carry out numerous duties, such as audits and collections.

What Is Meant by a CRA My Account?

Now that we have familiarised ourselves with the CRA and who they are, let us get into the topic of discussion, CRA My Account Services and how to open one.

My Account is the online service available via the Canada Revenue Agency’s website where you can see your personal (individual) or business income tax (for example, business owners) information securely.

Opening a Canada Revenue Agency (CRA) My Account and obtaining your CRA access code is easy. CRA My Account gives access to your tax returns and benefits – including childcare payments, and CPP information. If you haven’t yet, consider registering for a CRA My Account today – It is very beneficial if you’re planning to reside in Canada.

Are there any benefits of registering for a CRA My Account?

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The benefits of the CRA My Account is divided into two categories – Individual or Personal Accounts (used majorly by individuals) and second Business Account Owners. CRA My Account Services are beneficial to everyone.

Besides that, the online CRA services are accessible seven days a week. You can download forms like  T4, T4A, Notice of assessment and much more.  Although there is a lack of human touch in the digitalized process; there is nothing you will miss out on, rather it will be a much more seamless experience. Online CRA services have all the relevant information in the digital format ready to access. The information and benefits you can access through the My Account will differ depending on the type of account you hold.

Here is a list of few of the Benefits that come with The CRA My Account (Individual Account)

  • You can see or print your Income Tax Return (ITR) statements and even a notice of assessment copies (for the current or for any of the previous years).
  • By logging in to your online CRA My Account, you will be able to view or print your tax information slips including T4, T4A, T4A (P), T4E, T4 (OAS), T5 and more. It’ll be beneficial to you regarding everyday tax information. T4’s are usually issued by your employer around February every year before filing taxes for the year.
  • By logging into your CRA My Account, changes to your individual tax return online can be made.
  • Using the CRA Account, you will be able to track your tax refund.
  • You can also apply for child benefits such as the Canada Child Benefit (CCB) and also view them, which is a central economic advantage in case you have kids and the income is mediocre. With the help of a CRA My Account, you can know the CCB amount that you’ll be receiving every month just by logging in to CRA.
  • You’ll be able to check your RRSP deduction limit and TFSA contribution room accessible for the year.
  • By logging into the CRA My Account, you will be able to view the Home Buyers’ Plan (HBP) and Lifelong Learning Plan statements in case you are looking to buy a home in the future.  
  • You can log in to the CRA My account online and view your online emails or notifications from the CRA officials.
  • You’ll be able to view the Climate action incentive payment (which was newly Introduced in 2019).
  • By logging into your CRA account, you can view the GST/HST credit payments – which are usually paid out quarterly.
  • Also, you can update your personal information such as your address, phone number, marital status, and banking information with the Government records.
  • All your proof of income or POI statements can now be downloaded in PDF Format through the CRA My Account.
  • In case you have any issues/incongruities about your EI (Employment Insurance) payments or the refunds part of it, you can request a CPP or EI ruling online through your CRA My Account.
  • By logging into your CRA My Account you can file for a GST or HST rebate online.

If this feels a bit overwhelming, you can always contact taxants.ca to file your taxes and take care of the documents that need to be submitted. There simple, fast and secure platform provides speedy tax filing service and maximum refunds.

References:

My Account for Individuals – Canada.ca

How to participate in the Home Buyers’ Plan (HBP) – Canada.ca

Tax slips: Understand your slips – Canada.ca

Employment Insurance benefits – Canada.ca

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