What are the Benefits of Registering My Account Service on CRA?
March 3, 2021 | Written by: Sohail Afzal
Before you call the CRA for the information that you already have in your ‘My Account’, you should do a thorough search on the portal as this will save you a lot of time that you waste while waiting for long hold calls. The CRA My Account service has a lot of information that gives you benefits when you need it. You need to make sure that you have successfully set up your direct deposit with the CRA so that you may get refunds and tax credits on time.
If you want to know how much you have contributed to your RRSP account; when your next CCB and GST/HST tax credit is coming to your account; what is the unused amount of your tuition credits, the CRA notice of assessments, and other tax-related information – you should have all the information in just one click. You can access your Tax-Free Savings Account information and can also access the information related to your federal and provincial tax credits.
It would be nice if you could just press a button and most of your tax information will be loaded right into your return and in the right boxes. With the CRA’s Auto-Fill Return (AFR) service, you can import your tax data from your T-slips, RRSP contributions, and much more. To be able to take advantage of this feature, you must be a CRA My Account holder.
Another advantage of using the My Account service is that you can apply for Canada’s emergency benefits like CERB and CRB through My Account Service. You can view all the notices of the CRA, print notice of assessments, and also print the previous year’s income tax return. If you want to change your tax return, My Account Service is the right platform to do it. The portal also gives you access to view your home buyers’ plan and the statement of account. Instead of calling CRA agents, if you want to update any personal information like your mailing address, phone number, marital status, and banking information, you can do such changes right away using the My account service.
Lastly, you need the following information to register your My Account service with the CRA:
- Social Insurance Number
- Date of Birth
- Postal Code
You will need to validate your identity and then create a User ID and password. Once you create your My Account credentials, you will then need to create security questions and answers. This is how you complete the process of registering My Account service.
Sohail Afzal, CPA, CMA, MBA
Sohail Afzal, (CPA, CMA, MBA) is the founder & CEO of GTA Accounting Professional Corporation. He is a highly experienced Chartered Professional Accountant and businessman himself and understands the challenges that many businesses face when it comes to cash flow management. As an experienced business consultant & tax advisor, he is helping companies grow by providing the technical, financial, and contractual information necessary for strategic decision-making.