How to Choose A Perfect Pay Period for Your Employees in 2022?

by | Sep 15, 2022

Have you been looking for Canada Revenue Agency (CRA) My Account? In that case, it’s time to apply the brakes. When it comes to taxes, this is one of the largest deals available. This article explains CRA My Account options as well as what documentation you need to on-board. Setting up your CRA’s My Account is crucial whether you’re an individual, a business owner, or an entrepreneur. It allows you to have a single system where you can access all your online services at once.

The CRA is the government agency responsible for administering various taxes in the country. If you run a business, it’s important to set up both business and personal CRA accounts to make sure all your tax obligations are taken care of.

So, make sure that your concepts are clear and for that, you can contact Yogi & Associates in Mississauga for seeking guidelines in this process. We have experience helping people get their CRA My Account objectives done. In order to accomplish your CRA My Account goals, our accounting experts will make sure that you won’t go crazy or rip out your hair.

By the end of this article, you’ll know about each of the CRA online account options, how to register for one and what documents you need to have handy to get your CRA security code.

CRA My Account:

  1. What is a CRA My Account?
  2. Why should you register for CRA My Account?
  3. What are the Benefits of My CRA Account?
  4. Five Things You Need To Register For My Account:
  5. How to Register For My CRA Account?
  6. Five Steps To Register For My CRA Account Using Sing in Partner:
  7. Five Steps To Register For My CRA Account Using Create ID And Password:

What is a CRA My Account?

The CRA My Account is the government’s portal to your tax information. It’s where you can access and manage all of your notices of assessments and view any payments you made. The My Account is also where you authorize True North as your representative with the Canada Revenue Agency (CRA).

Note: To make sure that both you and your spouse can book their tax return at the same time, each of you must have a CRA My Account. If you’re preparing your return, sign in to your CRA My Account. If your spouse’s CRA My Account isn’t available, they won’t be able to use the AFR service.

Why Should you Register for CRA My Account?

  • The CRA is committed to protecting the privacy of your personal information and fulfilling its legal mandate to manage the nation’s tax system in a fair, accurate, and impartial manner.
  • CRA My Account gives you easy and convenient access to your account history, certificate number and address.
  • It is convenient – My Account gives you 24/7 access with your CRA user ID and password.

What are the Benefits of My CRA Account?

With CRA My Account you:

  • Find out your tax details on the CRA My Account
  • View your notice of assessment (NOA) and reassessment (NOR)
  • View your unused or carry forward amounts from previous years
  • Access your Home Buyers’ Plan
  • View CRA forms
  • Download and print your information slips
  • Review your benefits status and payments
  • Find out if you qualify for HBP or LLP
  • Know exactly when to expect your refund

Note: this is not a complete list. -Check out the CRA website for a full list of services you can access with the My Account

Five Things You Need To Register For CRA My Account:

  1. Your Name
  2. Your current Address
  3. Your Date of birth
  4. Your Social Insurance Number (SIN)
  5. Your two most current tax returns

How to Register For My CRA Account?

Registering for your CRA My Account is like creating your very own private social network. You can do all sorts of things with it, including entering your tax information and signing up for the e-newsletter that’s packed with valuable tax tips. Once you set up an online account, you can also access any of your accounts and services such as Amazon shopping, Netflix, or Google Play purchases or banking through CIBC. So, once you visit the CRA website and click the link for registration, you get two options:

  • Option 1: Sign in Partner
  • Option 2: Create a CRA user ID and password

Five Steps To Register For CRA My Account Using Sing in Partner:

  1. Visit the “CRA My Account” webpage.
  2. Click for sing-in partner option.
  3. After clicking sign-in partner, use the account and password you typically use to access this page to log in.
  4. Add the detailed required information such as (your name, SIN, Date of birth, your current address and your current tax amount)
  5. You’ll have immediate access to some of your tax information once you’ve finished the registration process.

After registering for your account, you will have the limited access to your account. But, you will receive for security code after 10 business days and you will get complete access to your account.

Five Steps To Register For CRA My Account Using Create ID And Password:

Anyone can register for a CRA My Account. Here’s how to get started:

  1. Visit the “CRA My Account” webpage and click for creating ID and password option.
  2. Enter your Social Insurance Number and other required information to verify your identity.
  3. Fill in the blanks on the registration form.
  4. Create a memorable username and password and choose payment options.
  5. Agree to the terms and conditions.

Submit the forms, you will have limited access to my account first, but later CRA will send you a security code to get proper access to your my account.

Bottom Line!

Best of all, once you have a CRA My Account, there is no limit on the number of times that you can log in and use the site. After you register for an account, your personal information is available to you. If you want to learn more about registering for a CRA My Account and how it can help your small business to succeed, contact our firm, Yogi & Associates. We have an accounting team in Mississauga with experience in guiding people get their CRA My Account objectives done!