How to Set Up My Business Account in Ontario

by | Aug 6, 2022

Are you looking for creating a smooth interaction with Canada Revenue Agency? Then you are not alone. Because many small entrepreneurs in Mississauga don’t know how to interact with the CRA regarding business inquiries. The best thing is you can connect with Canada Revenue Agency through CRA My Business Account because it is an easy-to-use online portal. And it has been designed to streamline your interaction with the government and make online interaction easier for you.

My Business Account is a convenient way to access your business information anytime and anywhere. It’s where you can access your data, pay your taxes, view your notice of assessments, and much more. For more information, you can get complete guidance from our expert accountant at Yogi & Associates because we provide the best accounting services in Mississauga.

Through this blog, you will get answers to all your questions. For example, what is My Business Account? And a step-by-step guide for how to set up My Business Account in Ontario. Let’s take a look!

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. 

How to Set Up My Business Account in Ontario

8 Types of Business Accounts present on My Business Account:

The Welcome Page of My Business Account shows the following business accounts:

  1. GST/HST
  2. Payroll
  3. Corporate tax
  4. Excise tax
  5. Excise duty
  6. Excise tax on insurance premiums
  7. Air Travellers Security Charge
  8. Softwood Lumber Products Export Charge

Important! If you have more than one business, you can add another nine-digit Business Number (BN) to your My Business Account using the “Manage my profile” link from the Business Profile menu. Furthermore, you can change the default BN that appears when you log in from this page. In simple words, the Manage my profile page lets you select which BN automatically appears when you log in to My Business Account.

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. So it implies that CRA online services are unavailable for three hours a day from 3 am to 6 am (Eastern Time). 

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

Who can use Services of CRA My Business Account?

Business owners, including partners, directors, and officers, are among those few individuals who can access your CRA My Business Account. Being a business owner, you cannot give access to your My Business Account to employees or a third party.

However, you can give access to your information to a third party, an authorized representative, for instance, an accountant. The accountant or employee can access your CRA information using their CRA Represent a Client account.

What things do You Need to Register for My Business Account?

You need the following information for setting up CRA My Business Account:

  • Your Social Insurance Number (SIN)
  • Date of Birth
  • Your Postal Code/zip code
  • Tax information
  • Business Number (BN)

How to Set Up My Business Account in Ontario?

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

  1. Provide Your Personal Information
  2. Enter the CRA Security Code

Step 1 : Provide Your Personal Information

  • Your Social Insurance Number (SIN)
  • Enter your Date of birth.
  • Your current postal code.
  • Write an amount you entered on one of your income tax and benefit returns. Also, you must have a copy of your returns. (CRA can ask you randomly to enter the amount depending on the current tax year or the previous one.) So, it is important to keep returns of one of these two years filed and assessed.
  • Create a CRA user ID and password.
  • Choose your security questions and answers. You can also decide if you want a persistent cookie added to your computer, that gives you access to CRA sign-in services using that same computer later. And CRA will not ask you for more identification.
  • Register for compulsory biometric verification/ multifactor verification by selecting your preferred method (either telephone or passcode grid).
  • Lastly, enter your Business Number.
How to Set Up My Business Account in Ontario?

Step 2 : Enter the CRA security code

If you want to get information about CRA My Account, you can view our blog by clicking here, How to set up My Account in Ontario?

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

  • Enter the eight-character access code from your notice of assessment.
  • Your postal code.
  • Create a CRA user ID and password.
  • Select your security questions and answers. You can also decide if you want a persistent cookie added to your computer so that you can access CRA sign-in services using that same computer later without being asked for more identification.
  • Sign in for necessary multi-factor authentication by choosing either telephone or passcode grid method.

We are here to Guide You!

In simple words, CRA My Business Account gives you a clear understanding of your business’s financial health. It also saves you the time and cost of bookkeeping. We hope that through this article, you have gained some valuable insights about CRA My Business Account. Finally, If you have any questions or confusion about how to step up My Business Account in Ontario, feel free to contact Yogi & Associates.  Our expert accountant team in Mississauga will provide you complete guidelines on how to register for CRA My Business Account.

People Also Ask

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 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 have to register for both of them. If you want detailed information about CRA My Account, view our blog, How to set up for My Account in Ontario