Tax Tip: How to Obtain your Account Balance from the Canada Revenue Agency (CRA)

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 into CRA My Account.

• Look at the Overview page for an immediate summary of your balance owing.

• Select "Accounts and payments" (in Overview or on the Side menu) and then select "Statement of Account"" to view detailed transactions and statements.

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!