Do you owe money to the Canada Revenue Agency (CRA)? Do you know how much? With compounded interest accruing daily, its best to keep track of the balance. But how? Calling the 1-800 number? There must be a better way, right?
Well, an easy way to find out instantly is by going online and using the CRA’s MyAccount tool.
Note: To use MyAccount, you have to be registered for it, which can be done in a couple of different ways, but for the purpose of this article, we’re going to assume that you are already registered.
To find how much you owe,
- Log in to your CRA MyAccount online service and click on the Accounts and Payments tab at the top of the page.
- Click on the first link called Account Balance and Statement of Account.
- Next, you will be immediately shown your account balance.
- At the bottom of the page, you will also be given the option to view an online statement of account which is another helpful tool to determine where your balance came from if you know how to read the CRA’s posting screens.
On the same page, you can also set up a pre-authorized debit arrangement to pay what you owe.
Tax Tip: Access to MyAccount will help you move forward with your tax filing using TurboTax (at the top of the page click on Product & Pricing to access our various software options),which has the ability to pull in your slips from the CRA which means you won’t be missing anything when filing your return using TurboTax… It’s brilliant!