My Account is an online portal maintained by the Canada Revenue Agency where you can view your tax and benefit information, as well as many of your T slips.
This service helps you avoid the necessity of having to call or write to the CRA to obtain tax information or request additional copies from your slip provider.
T4 Tax Slips Online
Every year, an employer must provide employees with a T4 tax slip. This tax slip displays the amount of income earned by each employee and any relevant deductions, including income tax, Canada Pension Plan deductions, and Employment Insurance.
The employer is required send these slips to both employees and the Canada Revenue Agency by Feb. 28 of the following year. This allows the CRA to confirm the amounts claimed by each taxpayer on their annual return. The T4 submitted to CRA by your employer can be located in your CRA My Account in early March.
Other Important Tax Slips
The My Account online service also logs T3 and T5 tax slips, which are issued to individuals who earn some form of investment income. These slips are generated by the financial institution that holds the investment portfolio. Similar to other tax slips, this information is sent from the financial institution directly to the CRA to ensure accuracy when you file your annual return.
The amounts on your T3 and T5 tax slips should match the information shown on the CRA’s My Account portal. However, the format of the slips may differ.
Why Doesn’t the CRA File Slips for Taxpayers?
While the CRA has access to tax slip information, they do not begin the information matching of the tax slips until the taxpayer completes an annual return.
Since the Canadian tax system is self-assessing, each individual or corporation is required to file their own income and deductions.
While the CRA may have direct access to the issued T3, T4 and T5 tax slips, they may be unaware of other potentially relevant information. This could include internationally sourced income, medical expense credits or rental income, which is the responsibility of the individual or corporation to declare.
Other Services Offered Through the My Account Portal
My Account has a wide range of additional online services that can be used by taxpayers once they have created and validated their account.
Personal information such as your address, martial status, dependents in care, direct deposit banking information and authorized tax representatives can all be viewed and changed through the My Account online service.
You can also access both current and past tax returns, as well as their status, through My Account. This can help ensure that carryover amounts, such as tuition and textbook credits, are accurately claimed in subsequent years.
The My Account online service can be used 21 hours a day, seven days per week.
Register for a CRA My Account.
Learn more about registering for a CRA My Account.
