More than two years of COVID-19 and there still present challenges and uncertainties for the entrepreneurs. In 2020, Canada experienced a fall in its economy with a ratio of 18.2 %. Small and medium-sized businesses play a significant role in expanding the Canadian economy.
1. What is My Business Account?
It is an online portal for business owners which is secure enough to interact with CRA across various business accounts. The business accounts include GST/HST (except the GST/HST accounts managed by Revenue Quebec), cooperation income taxes, payroll, excise duties, excise taxes, etc.
“For a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself by the handle.”–Winston Churchill
2. Benefits of My Business Account
My business account offers the following advantages:
- It is swift to make the process of your transaction instantly.
- You can use it 21 hours a day and seven days a week.
- Very safe to use. CRA user ID and password are secure to use.
- It is pretty easy to use. Once registered, you can log in with your CRA user ID and password.
3. What do you need to get started?
You need to provide the following personal information while creating My business account:
- Date of Birth
- Postal Code
- Tax information
- Business Number (BN)
- Social Insurance Number (SIN)
“Find a great mentor, someone who has already been through the many challenges of being an entrepreneur.” -Jodi Levine
4. How to Register for My Business Account?
1. Open CRA website
Open the CRA official site and visit the My Business Account to get started. Then, scroll down the page to option two and click on CRA register.
2. Validate your identity
You need to enter the social insurance number, date of birth, postal code/zip code, and tax information to validate your identity.
3. CRA security code notification
To ensure security, you receive a CRA security code on the email you have on record with the CRA. It may take 5-10 days.
4. Verify your postal code
Once you receive the CRA security code, you must verify your current postal/zip code.
5. Create User ID and Password
In the next step, you have to create a user ID and password and provide at least five security questions and answers.
6. Provide your Business Number
Once done with registration, log into your CRA business account and enter the CRA security code sent to your email ID. Then click on the ‘I agree’ button to ensure that you accept My Business account terms and conditions of use. Next, enter the 9-digit business number.
“You don’t build a business; you build people, then people build the business.” -Zig Ziglar
5. Who can use the CRA My Business Account?
Business owners or entrepreneurs can use CRA My Business on different business accounts such as GST/HST, payroll, etc. These business owners include directors, partners, and officers. But they cannot give access to their CRA My Business Account to the employees or other third parties. However, some authorized employees and accountants can access these services through the option “Represent a Client.”
We are here to help you!
CRA My business account is a safe place to secure your business accounts. It helps you build up better communication with the Canada Revenue Agency. We are always here to support you in your business investments. For further details, you can visit Yogi & Associates in Mississauga. And if you are facing any issues while setting up for CRA My business account, we are always here to assist you. Feel free to contact us!