Are you looking to open a new CRA My Account? No Problem, I’ve you covered here.
In this article, I will provide you the exact step-by-step process so that by the end of this article, you should be pretty clear on opening a new CRA My Account. Alright then let’s get started.
Introduction To CRA [Canada Revenue Agency]
For all the Newbies to Canada and the term CRA, CRA stands for Canada Revenue Agency.
The CRA is a Canadian federal agency that regulates tax laws for the Canadian government and for most provinces and territories.
All the tax deductions that are withheld from an employee’s Gross pay, such as federal and provincial income tax, CPP contributions and EI premiums, are sent to the CRA and then dispersed to the appropriate government department.
The CRA also monitors compliance on behalf of governments across Canada.
CRA’s head office is located in Ottawa and the CRA is divided up into five regions for administrative purposes – Atlantic, Quebec, Ontario, Prairie, and Pacific.
Each region contains tax services offices which carry out a variety of duties, such as audits and collections.
CRA My Account Services
Now that we know about the CRA and who they are, let’s dive down a bit deeper to the topic of this article – CRA My Account Services.
The CRA My Account is the online service available via the Canada Revenue Agency’s website where you can access your personal [individual] or business income tax [example – small business owners or business owners] information securely.
Opening a new Canada Revenue Agency (CRA) My Account and getting your CRA access code is easy and straight-forward.
You can definitely make your life easier with tension free access to your tax returns and benefits – including child care payments, CPP information? Consider registering for a CRA My Account today – Its a must to if you’re planning to reside and stay in Canada!
Related Post – How To Use a My Service Canada Account – Complete Guide
What are the Benefits of CRA My Account Services?
First of all, Let’s divide the CRA benefits into two categories – Individual or Personal Accounts [used majorly by individuals] and second Business Account Owners.
A Point to note here is – CRA My Account or CRA services in general undergo a daily maintenance schedule which is usually for couple of minutes at some part of the day.
Apart from that, the online CRA My Account service’s are pretty much always available and can be accessed most part of the day and seven days a week.
This makes it a much easier way to obtain your important information.
Trust me logging in online and finishing it off is way better than having to call the CRA and waiting to speak (which is huge long waits on the phone) to a representative.
Online CRA services are very good and descent in-fact. You have all the information in digital format ready. Unless you’ll have to call the CRA toll free number for some issues or not possible to do online.
The information and benefits you can access directly via your My Services Account will vary depending on the type of account.
CRA Individual Account Benefits
I will list the different services available online by logging into your CRA My Account [for individuals] here:
View/print your Income Tax Returns [ITR] and notice of assessments (current and prior years)
View/print your tax information including T4, T4A, T4A(P), T4E, T4(OAS), T5, etc.
Change your tax return
Track your tax refund
Apply for and view your child benefits such as the Canada Child Benefit
Check your RRSP deduction limit and TFSA contribution room
View your Home Buyers’ Plan (HBP) and Lifelong Learning Plan statements of account
View online mails from CRA
View Climate action incentive payments (Newly Introduced in 2019)
View your GST/HST credit, if applicable
Apply for Disability Tax Credit application (Form – T2201, available online) – (Newly Introduced in 2019)
Update personal information including your address, phone number, marital status, and banking information
Proof of Income Statements can be opened in PDF Format (Newly Introduced in 2019)
Request a CPP/EI ruling (Newly Introduced in 2019)
File a GST/HST rebate (Newly Introduced in 2019)
Use the “Auto-fill my return” service when filing your tax return
Submit documents to CRA
View your disability tax credit, if applicable
Apply for direct deposit to your bank account
View your account balance and statement of account
Set up a payment plan, if owing taxes
Authorize a representative
CRA Business Account Benefits
If you are a small business owner or a business owner in general, the CRA account allows you to access lot’s of information relating to your business including tax returns for GST/HST, business payroll deductions, corporate income taxes, excise duty, excise tax, information returns, and lots more.
Creating A CRA My Account for Individuals
Setting up a CRA My Account is easy.
To start, make sure you have the following handy:
Your social insurance number [SIN number]
Your date of birth is required (No Documents only DOB details)
Your postal code is required (Just the postal code where you reside)
Your last two tax returns – for the current year and previous one. You will be required to enter an amount from one of these returns. But don’t worry incase your new to Canada or haven’t filed your taxes yet. We have all been there and it’s ok without it.
When you have the above information ready, proceed to the CRA My Account page.
1. Navigate to the CRA My Account Page – Click here to access the link.
2. Next, Click On the CRA register button on the CRA My Account Login page.
3. Enter your Social Insurance Number [SIN number], and click on Next button.
4. You need to “Validate your Identity” by completing all the required fields – Postal Code, Date Of Birth, Tax Information from previous year tax return (if you have).
If you haven’t filed your taxes yet or new to Canada without a Tax Return yet, no need to worry. You need to enter “0” in the Tax information field.
After filling out all these details correctly click on the Next button.
How to Create a CRA My Account User ID and Password
To create a successful CRA user ID and password; you’ll first be required to create a few security questions and answers.
Your CRA account is now ready and you can access only the limited tax information on your “My Account.”
CRA will be mailing you via Canada Post a security access code which you’ll need to enter online when prompted after logging in.
This process is only once( entering your access code) in the CRA; then on you’ll only need your CRA user ID and password to login and access your account.
After you successfully enter the CRA access code (which will take a couple of weeks to arrive by mail); you’ll be able to access full and complete access to your CRA My account services.
A second option to access your “CRA My Account” is to use a CRA Sign-in Partner.
For this option, you’ll need to log in via one of the CRA trusted financial institutions. Once you select and click on the financial institution you bank with – Login using your credentials and that’s it you’ll be through to Welcome screen.
I have already mentioned this in the first option; you’ll be required to have your social insurance number, date of birth, postal code and last two tax returns(just in case) readily available.
A CRA security access code will be mailed to you as well to enable full access to My Account.
Upon receipt of the access code, log in as usual through the Sign-in Partner and enter the security code when prompted. You should now have full access.
CRA Business Account
To login and access the CRA Business CRA My Account, you’ll need to follow similar steps as mentioned for Individual account, except that you’ll also be required to enter your CRA business number
By now you should know how to create and access your CRA My Account and logging in to see your benefits and other useful CRA features!
Please leave your thoughts and comments below!
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Hey, I’m Sagar from Toronto, Canada.
I am a self-taught, motivated Canadian Personal Finance Blogger who loves writing articles about Savings, Investing, Stocks & ETF reviews, Side Hustles, Frugal Living, Credit Cards and Retirement Planning. Husband. Father. Software Developer. Web Designer. Hiking Enthusiast.