What is CRA My Business Account? 2022 Perfect Guide

by | Aug 6, 2022

In Canada, you can now engage with the CRA without any issues. Do you know how? You can contact the Canada Revenue Agency through CRA My Business Account, a web portal. Additionally, this account simplifies the online interactions.

My Business Account is a convenient way to access your business information anytime and anywhere. Through this account, you can access your data, pay your taxes, view your notice of assessments, and much more! 

Yogi & Associates knows what it takes to run an effective company. Moreover, we can assist you in keeping up with your bookkeeping so that you always have access to your tax information. You can quickly get our bookkeeping services in Mississauga. Just CALL US Today!

1. What is CRA My Business Account?

My Business Account is an online, secure way of interacting with the Canada Revenue Agency (CRA). The primary purpose of My Business Account is to get information on various tax-related matters, business accounts, and account management obligations. 

Important ❗ If you own multiple businesses, you can use the “Manage my profile” link in the Business Profile menu to add another nine-digit Business Number (BN) to your My Business Account. You can also modify the default BN when you log into My Business Account.

2. What are the Benefits of CRA My Business Account?

1. Secure

The CRA online portal is very safe and keeps your personal information confidential. Its sign-in services use persistent cookies, which will not store any identifying data from your computer.

2. Easy to use

My business account gives you peace of mind. It makes dealing with financial institutions and the Canada Revenue Agency easy for a business owner. For example, once the registration process is complete, you can easily access My Business Account with your CRA user ID and password.

3. Fast

It gives you instant access to your business bank account information and the latest updates about transactions processed. In this way, you can see your company’s financial picture quickly.

4. Convenient

The CRA online services are available 21 hours a day for the whole week. The rest 3 hours of the day are utilized for daily maintenance activities. Therefore, it suggests that the CRA’s online services are disabled from 3 am to 6 am every day for three hours (Eastern Time).

“Spend time upfront to invest in systems and processes to make long-term growth sustainable.” -Jeff Platt

3. Who Can Use the Services of CRA My Business Account?

Only a few individuals can access your CRA My Business Account. These include Business owners, partners, directors, and officers. Being a business owner, you cannot give access to your My Business Account to your employees.

However, you can give access to your information to a third party. The third-party should be an authorized representative. For instance, an accountant. Thus, the accountant can access your CRA information using their CRA Represent a Client account.

4. What things Do You Need to Register for My Business Account?

You need five things for setting up CRA My Business Account:

  1. Your Social Insurance Number (SIN)
  2. Date of Birth
  3. Your Postal Code/zip code
  4. Tax information
  5. Business Number (BN)

5. How Can I Set Up My Business Account in Canada?

To register your CRA My Business Account, you need to follow two steps:

  1. Submit Your Personal Data
  2. Type the CRA Security Code

Step 1: Submit Your Personal Data

  • Your Social Insurance Number (SIN)
  • Date of birth
  • Your present ZIP code.
  • Mention a sum included on one of your tax and benefit returns. You also need a copy of your tax returns. (Depending on the current tax year or the prior one, CRA may ask you to enter the amount).
  • Therefore, it’s crucial to maintain the filed and assessed returns from one of these two years.
  • Make a user ID and password for the CRA.
  • Choose your security questions and responses. Additionally, you can choose whether to add a permanent cookie to your computer, allowing you access to CRA sign-in services on the same computer in the future.
  • Select your preferred way to register for mandatory biometric or multifactor verification (either telephone or passcode grid).
  • Your Business Number.

Step 2 : Type the CRA security code

To get details about CRA My Account, you can view our blog by clicking here, 2 Accessible Ways to Set CRA My Account in Canada

6. How to Use Represent a Client option for My Business Account?

  • Please enter the eight-character access code found on your evaluation notice.
  • Your zip code.
  • Create a CRA user ID and password.
  • Choose your security queries and responses. You can also choose whether to set a permanent cookie on your computer so that you can use the same computer to access CRA sign-in services in the future without having to provide additional identification.
  • Select the passcode grid or the phone to sign in for the required multifactor authentication.

7. Keep Your Bookkeeping Updated

Keeping up with your bookkeeping and corporate tax obligations will give you a clear financial insight and better control over the organization.  Fortunately, you can rely on Yogi & Associates. As we offer the best corporate tax and bookkeeping services in Mississauga.

We are here to Guide You!

In simple words, CRA My Business Account clearly understands your business’s financial health. It also saves you the time and cost of bookkeeping. Furthermore, Yogi & Associates can help you stay on top of your bookkeeping so that you always have access to the information you need to make crucial decisions. We understand what it takes to run a successful business in Mississauga. For more details on how we can assist your company in achieving greater levels of success, get in touch with Yogi & Associates today.

FAQs

1. Do I need a CRA account for my business?

For business accounts such as GST/HST, payroll, and corporate income tax, you need My Business Account.

2. How do I access CRA My Business Account?

Visit CRA My Business Account and select CRA sign-in option to access your account.

3. Is My Business Account different from CRA My Account?

Yes, these are two different accounts, and you must register for them. If you want detailed information about CRA My Account, view our blog, 2 Accessible Ways to Set CRA My Account in Canada

Contact YOGI & ASSOCIATES!