Tips & Advice

The FACTS about CRA My Account

The Canada Revenue Agency’s My Account, allows you the ability to access your personal information and make changes quickly without having to speak to a live person.  It is an excellent tool for both tax time and everyday life.

Below are some key facts related to the service.

Fast

It’s fast!

Have you moved recently?  If so, you will want to update your address with the CRA for many reasons, with one of the most important being that you need the correct address in order to NETFILE you tax return, and so that the CRA can mail your refund.

Traditional address changes would take upwards of forever because you either had to mail in the address change, or try to get through on the General Inquiries line and update it.  With My Account, however, the update is done in an instant.

Have you ever had to file an adjustment to your tax return?  If so, you know that the processing time for mailed in requests has been upwards of a year, however, if you submit the request through My Account, It can shave weeks, if not months off that time.

Or has the CRA asked you to submit a medical receipt or tuition slip? You could mail them in, or even faster, just scan them and upload them through My Account.

Accurate

The information in My Account is the most up-to-date info available. It’s the same info that the CRA agents view. So if you want to know the status of your refund, you can call the General Inquiries line, or just log-in and check on My Account.

If you are considering RRSPs or TSFAs as retirement vessels, your contribution room and limits for both can be found in My Account.

If you have been reassessed, find out all the details and new amounts in your My Account.

Updated payment schedules and amounts for benefit programs are all available online in real time.

Complete

Need to update your marital status? Applying for a student loan and need to know your income amounts from last year? My Account has your personalized data at your fingertips. If you are a student or former student, a breakdown of all your tuition and education amounts can be found in My Account including current and past carryforwards. Capital gains and losses are also available for view.

Tree-Friendly

Online mail is an environmentally friendly option offered by My Account. Instead of mailing your info to the CRA, using this feature speeds up the communication on both sides.  The CRA will email you a notice letting you know you have new information or a message waiting in My Account. No specific information is shared via email, simply a notice informing you to sign into your My Account for a new message. In addition to the paper from your Notice of Assessment, you can also save a few trees by reducing what you print.

Sign up

Visit My Account to register. You’ll need your Social Insurance Number, current postal code, date of birth, and Notices of Assessment for the last two tax years (Certain line numbers are needed to confirm your identity). Once you’ve completed your registration, you’ll either be mailed a password, or you can get online or through the phone the access code needed to complete the process. Once you enter your password and complete the setup, you’ll be able to access your info instantly.

Tax Filing Mistakes Avoided

The final, and likely the most important reason for using My Account, is that whenever you receive any slip from a bank, investment firm, or employer, such as a T4, T3, T5, etc., a copy is mailed to you and a copy is sent to the CRA.  Through My Account, you have access to the slips so that you won’t miss another slip when filing taxes.  So smart!

TurboTax also pulls your information – such as your slips – from your My Account, and uses that information to populate your tax return so you don’t have to.  It saves times!