Personal Finance

CRA My Account and its Benefits

by Erin Zorde Lawyer & Real Estate Investor

Your guide to CRA My Account and its benefits with Modern Money co-founder, Erin Zorde.

What is My Account?

My Account is a secure online portal that allows you to view your personal income tax and benefits information. Once you have My Account set up, you can manage your tax affairs online. The portal allows you to log in with a sign-in partner, which includes a list of Canadian banks and credit unions (always helps to have one less username and password to remember).

Another helpful tool is that you can access tax documents from previous years, as well as new tax documents as they become available instead of waiting to receive them by mail.

For a full list of services offered through My Account, click here: My Account list of services.

Accessing My Account

To access My Account, you must first register your account. Registering your account is quick and easy.

To register, you will need the following information readily available:

  • your Social Insurance Number;
  • your date of birth;
  • your current postal code or zip code; and
  • your current or previous year’s tax return (specific sums from these returns will be required).

Once you complete the first stage of the registration process, you’ll gain limited access to your tax information through My Account. The CRA will then mail a physical copy of your security code, which you will then use to complete the registration process and gain full access to your account.

For more on the registration process, click here: My Account registration.

Final Thoughts on CRA My Account

My Account is a great platform to track RRSP and TFSA contribution limits, view the status of your tax return, view mail, set up direct deposit and so much more. I highly recommend taking advantage of My Account as it allows you to manage your personal tax affairs in a quick and efficient manner.

About Erin Zorde

Erin is a co-founder of Modern Money, lawyer and real estate investor based in Winnipeg, Manitoba.

You may also like

Why do Gas Prices Rise Quickly, but Fall Slowly?

The way in which gas prices move with crude prices has a name in the industry: rockets and feathers. When oil prices rise, gas shoots up like a rocket. When oil prices fall, gas drops like a feather. Learn why this happens...

Tips to Ensure the Effective Use of Your RRSP

For a lot of Canadians, this is the only time of year that much thought is given to RRSPs. RRSPs have traditionally been the primary means of saving for retirement in a tax-advantaged way. Despite this, operational complexity of RRSPs prevents many from taking maximum advantage of these accounts. As more and more pension plans shift from defined benefit to defined contribution, effective use of RRSPs will be crucial for fulfilling retirement goals...

Subscribe to Modern Money

Enter your e-mail to receive updates on new articles from Modern Money, the ultimate guide for young professionals.

Don't worry, we won't send you any spam.
Share via
Copy link
Powered by Social Snap