Your guide to CRA My Account, its benefits and how you can use it effectively from the Modern Money Team.
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.
