Ask an Accountant: CRA’s my account

Francesca Giroux, CPA
For the Lakeside Leader

The Canada Revenue Agency (CRA) has developed a tool for both individuals and business owners (including partners, directors and officers) to access information, and makes changes to returns/information previously filed.
My Account for individuals can be accessed by going to www.cra-arc.gc.ca and scrolling down to Links for individuals and then selecting My Account. To register for My Account services you will need to provide your Social Insurance Number, your date of birth, current postal code and an amount that you entered on your individual income tax return. The information from your tax return will vary from individual to individual and could be from the current tax year or the previous one so you will need both returns on hand. You will then be asked to confirm your postal code and create a CRA user ID and password along with security questions and answers. The CRA will then mail you a security code that is required to activate your CRA user ID and password. To complete the registration process return to the CRA’s My Account for Individuals and Login, after providing your ID and password you will be asked for your security code. The security code has an expiry date so be sure to login before the expiration date indicated on the letter; otherwise you will be required to re-register. Some of the features of My Account for individuals are that you can view your tax refund or balance owing, tax returns and carryover amounts, account balance and payments on filing, change your returns, and apply for child benefits.
My Business Account can be accessed by going to the CRA website noted above and scrolling down to Links for businesses and then selecting My Business Account. The registration process for this type of account is the same as the process for My Account for individuals except that you are required to also enter your Business Number. On My Business Account you can access a variety of information such account balances, transactions, remitting requirements, correspondence.
You are also able to file returns and view their status, transfer payments, and make online requests (transfer or credit, refunds and payment search, request additional remittance vouchers).
Please e-mail your questions to frankie@nashgirouxllp.ca or visit our website at www.nashgirouxllp.ca.
Information provided is of a general nature. As each individual or company’s situation is unique, you may wish to consult with your CPA for information specific to your own needs.

 

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