Everything You Need to Know About a CRA My AccountBrian Jang ON January 8, 2020
Are you wondering if you have a CRA My Account? Are you unsure even of the benefits that one offers? Perhaps you registered for one some time ago and forgot about it? Let’s take a look.
First off, what is a CRA MY Account, and what can it offer you?
Do not confuse a CRA My Account with a My Service Canada account, which is used by those receiving employment insurance, as well as pensioners. CRA My Account lets you check up on everything tax related. You may make changes to past returns, check your RRSP contribution limits, sign up for pre-authorized debit if you are paying your taxes in installments, and much more. It even saves you time if you are applying for a mortgage and must provide an Option C statement, as you can simply print one yourself rather than calling the CRA to order one.
Verifying That You Have Correctly Registered
If you are uncertain whether you have registered for an account, it is simple enough to check. The process itself is straightforward, involving two steps. The first step involves signing up by providing personal information. This includes date of birth, social insurance number, and postal code. You will also be asked to provide information from a line in one of your previous tax returns.
Upon completion of the first step, the second involves simply waiting for the receipt of an 8-digit security code. This is a unique code sent to you by CRA, which you will receive via Canada Post. Provided you received this code, you can easily check the status of your registration by attempting to log in.
If you have registered correctly, you will be able to log in, but if you have the incorrect information, you will be informed by the system. Just be aware that five failed attempts at logging in will result in your account being locked. At this point, you will require assistance directly from the CRA.
If you believe that your username is correct, but you cannot log in, you can retrieve your password (see below). If, however, you have lost or forgotten your username, you will have to register again as a new user.
Retrieving Your Password
If you find that you cannot access your account and it seems to be due to an incorrect password, you may retrieve the correct information. To do so, go to the CRA My Account page. Scroll down until you see “CRA Login Services.” Click on it.
On the next page, you will find the link “Forgot Your Username or Password?” Follow this link until you see a prompt asking for your username. Once you enter the necessary information, you be required to respond to a security question that you chose when you created your account. Answer it correctly and then change your password.
Having a CRA My Account is very useful and easy to set up. If you have not done so yet (or are unsure whether you have), check it out today!
- What You Need to About Your Taxes When Selling Your Home
- What Are the Different Types of Corporations in Canada?
- Allowable Business Expenses for Canadian Businesses
- How to Prepare for RRSP Season
- Everything You Need to Know About New Business Start-Up Costs in Canada