A personal Canada Revenue Agency (CRA) account, known as ‘My Account’ is a service which allows you to securely access your personal income tax information online.
I was having a conversation with a friend who was telling me that her trustee issued the T3 tax form at the very last minute. Because of this, she was unable to file her tax return until the last days in April. This was very frustrating to her. I told her to set up a ‘My Account’ CRA where she could potentially access her T3 slip earlier.
She had never heard of the CRA ‘My Account’ and neither had a few other friends. Therefore, I have decided to tell you about it.
'My Account' lets you see information on various topics, including income tax returns and assessments, tax refunds, income tax account balance, income tax installment payments, some tax slips, benefit payments, GST or HST credits, RRSP contributions, RRSP deductions claimed, RRSP contribution limit, Home Buyers and Lifelong Learning Plan statements, Tax Free Savings Account information and Disability Tax Credit.
You can also take action on ‘My Account’ such as changing your return, changing personal information, apply for child benefits, arrange direct deposit (so you receive your tax refund more quickly), request remittance forms, set up a payment plan, disagree with your assessment and submit documents.
To set up My Account click here
Use Option 2, CRA Register. To complete the four step process to register, you will need the last two years income tax returns, your social insurance number, your date of birth and your postal code.
Once you have created a User ID number and password as well as answered the security questions, you will have to wait for at least five business days to receive a CRA security code in the mail. Instructions on how to activate 'My Account' will come with the security code.
We encourage everyone to set up ‘My Account’ with CRA.