My Business Account Canada Revenue Agency(CRA)|Know Everything

My Business Account Canada Revenue Agency(CRA)

Running a successful small business means learning to wear different hats. As an entrepreneur, you’re everything from visionary to marketer to bookkeeper. When it comes to taking charge of your taxes, registering for a Canada Revenue Agency (CRA) online account makes tax reporting a little less painful.

There are two types of online accounts available: My Account, for individuals or sole proprietors; and My Business Account for Canadian business. Here’s an overview of each CRA account and how to register.

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CRA My Account

Sole proprietors will benefit from signing up with CRA My Account. The online account lets you manage your personal tax information, including seeing your account balance for amounts owed, as well as your TFSA and RRSP contribution limits. You can also make changes to your personal information (e.g. marital status, home address), view government benefits and credits and file a GST/HST rebate.

How to set up CRA My Account online

Setting up My Account on the CRA website is simple and straightforward. Before you start, make sure you have the following personal information handy:

Social Insurance Number
Date of birth
Current address
Copy of your most recent tax return

To start your My Account step-up:

Step 1: Visit the CRA website

Visit the CRA website and click on the link under either option 1 or 2. There are two ways to register and access your tax information:

Option 1: Sign-In Partner Login (includes financial institutions such as your bank)
Option 2: Create a CRA user ID and password.

Step 2: Enter your tax return line-item

You’ll need to enter one of the line amounts from your recent tax return. The line number can vary, so it’s important to have your return on hand.

Step 3: Review security questions

You’ll then be prompted to select and answer five security questions from a dropdown list.

Step 4: Enter the security code sent to you from CRA

The CRA will mail a security code to your home address, which takes between 5-10 business days. Once you’ve received your log-on code, you can access your My Account online.

HOW TO REGISTER AND OPEN A CRA MY ACCOUNT

CRA My Account is the online service available on the Canada Revenue Agency’s website that gives you access to your personal or business income tax information securely. Creating a Canada Revenue Agency (CRA) My Account and getting your CRA security code is easy.

Want to make your life easier with hassle-free access to your tax and benefits information? Consider registering for a CRA My Account today!

Table of Contents

BENEFITS OF A CRA MY ACCOUNT

Except for when the website is undergoing daily maintenance, the online My Account service is pretty much always available and can be accessed 21 hours a day, 7 days a week. This is a much easier way to get your information than having to call CRA and waiting to speak (sometimes for very long) to a representative.

The information and benefits you can access directly via your account will vary depending on the type of account.

BENEFITS FOR INDIVIDUAL ACCOUNTS

View/print your income tax returns 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 mails from CRA
View your GST/HST credit, if applicable
Update personal information including your address, phone number, marital status, and banking information
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, and much more!

BENEFITS FOR BUSINESS ACCOUNTS

If you have a business, the account can allow you to access lots of information relating to your business including tax returns for GST/HST, payroll deductions, corporate income tax, excise duty, excise tax, information returns, and lots more.

REGISTERING A CRA MY ACCOUNT FOR INDIVIDUALS

Option 1

Setting up a CRA My Account is easy. To start, make sure you have the following information available:

Your social insurance number
Your date of birth
Your postal code
Your last two tax returns i.e. for the current year and previous one. It will require you to enter an amount you have entered on one of these returns.

When you have gathered the information above, proceed to the CRA My Account web page here.

⇒ Click on the “CRA register” button

How to open a CRA MY Account

⇒ Enter your social insurance number, and click on Next.

How to open a CRA MY Account

⇒ Validate your identity by completing all the required fields and then click Next.

How to open a CRA MY Account

⇒ Create a user ID and Password

How to open a CRA MY Account

After creating an acceptable user ID and password (may require a few tries!), you will be required to create security questions and answers on the next screen.

Your account is now created and you can access limited tax information on your “My Account.”

For full and uninhibited access to your account, CRA will mail you via Canada Post a security code which you will need to enter online when prompted after log-in. Afterward, you will only need your CRA user ID and password to access your account.

Option 2

A second option for accessing CRA My Account is to use a Sign-in Partner.

How to open a CRA MY Account

For this option, you need to log-in via one of the listed financial institutions using your normal log-in details.

As I mentioned for Option 1, you will also be required to have your social insurance number, date of birth, postal code and last two tax returns readily available. A CRA security code will be mailed to you as well to enable full access to My Account. Upon receipt of the security code, log-in as usual through the Sign-in Partner and enter the security code when prompted. You should now have full access.

For a free CRA Business My Account, you need to follow similar steps, except that you will also be required to enter your business number.

So there you have it! You can now create your CRA My Account, and start enjoying its many benefits!

Are you planning to file your tax return electronically this tax season? Try TurboTax (20% discount link).

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CRA My Business Account

If your business is incorporated or file GST/HST, then My Business Account is for you. As well as viewing Corporate Income Tax, My Business Account lets you manage your payroll, file a return, view account balances and manage direct debit. You can also file or adjust a GST/HST return and check your account balances. Other services include authorizing access for representatives, such as an accountant, the ability to submit documents in electronic form and filing Excise tax returns.