Canada Revenue Agency also referred to as the “CRA”, provides the facility to individuals to access and use their personal tax or business tax-related information. You can visit the CRA website and start filling in your information through a CRA account, which would also give you ease over updating your tax profile and receiving credit benefits without visiting any institutional premise physically. But are you wondering how to open a CRA account? Well, this article is here to help you!
Taxation has been prevailing for ages, and I mean it in a literal sense. Since ancient times, people had to pay tariffs on consumption in Greece and Rome. While they had to pay taxes by physically visiting the royal facilities, you don’t. The government of Canada provides you with the facility to take care of all the taxation and credit-related chores online through a CRA account. Let us get started now without any further wait.
Where a CRA Account is Useful?
There are a bunch of uses for having a CRA account. Let us understand that before learning how to open a CRA Account.
- To see the status of your tax returns and details
- To request your remittance voucher
- To have a look at your RRSP and Tax-Free Savings Account (TFSA)
- To have a look at the RRSP deduction limit
- To see TFSA contribution room
- To see the notice of your assessment/reassessment
- To have a look at your Home Buyers’ Plan as well as Lifelong learning Plan
- To see your carryover amounts
- For setting up your Direct Deposit
- To see your Proof of income statement
- To have a look at your statement of account and account balance
- To see the disability tax credit
- Apply for child benefits
- To see and update your telephone or contact details
- To have a loon at various tax slips like T4E, T4, T4A(P), T4RSP, T4A, T4A (OAS), T4RIF, T3, T5007, T5008, T5, T1204, RRSP Contribution Receipt, T5013, RC62, RC210, etc.
- To have a look at Canada Child Benefit and other provincial or territorial benefits programs
- To see your credit benefits
- To see Universal Child Care Benefit payments and the account details
- To see GST or HST credit details and account information
- To be able to file a rebate for GST or HST credit
- To request a CPP/EI ruling
Information Requirement to Open a CRA Account
You will need to have the following details before proceeding with opening a CRA account.
Date of Birth
Social Insurance Number
Past two Tax Returns, i.e. the existing year’s and the last year’s returns
Now let’s understand how to open a CRA account!
How to Open a CRA Account?
Please follow the step-by-step instructions to open your CRA account.
There are two methods. But first, go to the CRA My Account page.
Method 1: CRA Log In as Partners
1. As you can see in the picture, you can log in through any of the listed financial organizations by using your general login information.
2. The following is the list of financial institutions.
For this method, you will need the details mentioned in the previous section. You will then receive a CRA security code on your email which you can use to have access to the My Account.
Method 2: Registering for a CRA account
1. Click on the CRA Registration Tab.
2. After that, you will need to insert your Social Insurance Number.
3. Then, validate your identity and fill in all the required details.
4. You will get the option of creating a user ID and a password.
5. The next step is to create and answer security questions for your account safety.
Voila, your account is ready!
You can see the same from the “My Account” tab.
This will provide you with access but within the limit like, to see the Notice of Assessment and check your refund status.
Once this is done, CRA would send you a security code which you will have to enter when prompted to log in.
Once you enter it, you may just need your user ID and password to log in to your CRA account and access information.
There is also a less common option 3 which is to log in by using the BC Services Card.
If you have it, you can also opt for this option. Though this option is just for individuals in British Columbia as suggested by the ‘BC’ in the option name.
What are the Benefits of Having a CRA Account as an Individual?
The most common benefits of using a CRA account are stated below.
It is Easy to Use:
As you read – how to create a CRA account, you now know that it is very simple. Just like the registration process, using a CRA account is also easy. You can use your My Account ID and password to log in, and can access various information on your taxes and credit benefits at your fingertip.
It is Widely Accessible:
When dealing with online regulatory information, it becomes essential that you can access the website at your convenience. It is not possible for most individuals to take care of such formalities on regular weekdays due to work or other commitments. Though with CRA, it is not the case. You can access your My Account all 7 days of the week for 21 hours a day. It covers the maximum of time and gives you flexibility.
It Saves Time:
You can access your CRA account from its website as well as from MyCRA mobile application. There are options like Direct Deposits which makes it easier for you to pay and receive money directly from/to your linked bank account. All of which is very quick and seamless and saves your precious time. All the required options you may need, you will find them on CRA’s website.
It is Safe:
This is the foremost concern of people when they provide details online as you never know when your data might get stolen. But with a CRA account, you don’t need to worry about it as it is totally safe. Firstly, CRA provides you with a security code, and apart from it, there is also a two-step authentication facility. It makes sure that your data remains safe and secured.
How Your Business May Get Benefits?
A business has a lot on its plate from execution to managing employees. Tax filing just adds more responsibility to it. To make it simpler and quicker, a CRA account helps you in filing taxes easily and managing other taxation-related requirements and benefits. Some of such benefits are as follows.
- To file corporate income tax
- To pay the excise duty
- To pay the excise tax
- To provide details on payroll deductions
- To pay returns for GST or HST
- To get information on returns filed
I know tax filing can be mundane, time taking and complicated. But filing tax is your duty as a responsible citizen. I hope that this article will help you to get answers to your doubt. For more useful and insightful articles, stay stunned to us!