The Canada Revenue Agency (CRA) is encouraging taxpayers to access services and information through My Account. Even though I have talked about My Account, I have to admit I hadn’t actually signed up for my own account. I decided it would be good to get the experience and explore the benefits of having access to my tax information online.
The hardest part of the sign up is finding the actual registration link on the My Account page. In my case, I ended up calling the CRA and the kindly agent pointed out the word Register on the page. For others who might be having trouble, you can find the link at https://apps2.ams-sga.cra-arc.gc.ca/gol-ged/awsc/amss/enrol/start?prog=mima.
For security reasons, you need your Social Insurance Number (SIN) as well as your last tax return to complete the registration. The registration system will ask you for a number from a specific line on your tax return. It is not always the same line for everyone and the line may not be listed on your Notice of Assessment. So having your actual tax return is necessary.
The next layer of security is a series of questions. You select the questions used to access your account and provide an answer to each. In my case, the questions all related to names of friends and family. The questions will be used as challenges when you sign into your account.
Once you have completed the questions, you are asked if you want Quick Access to your account. As part of the process, the CRA mails you a code that you use to access your full account, but Quick Access allows you a one-time look at your RRSP and TFSA contribution limits as well as the benefits you are entitled to receive, like Canada Child Tax Benefit (CCTB) and GST/HST. So if you sign up to My Account today you have an opportunity to find out if you still have RRSP contribution room available, without having to wait for the code.
You can also use Quick Access without signing up for My Account but you will need information from your tax return.
New this year is partner sign-ins. Customers at TD Bank, BMO Financial and Scotiabank will be able to access My Account through their online banking log-ins. It does not mean your bank and the CRA will be sharing information, but it is one less sign-in to remember.
I am still waiting for my code to arrive but, once it does, My Account will allow me to view my old Notices of Assessment and view all the income slips for my SIN. You can also do things like change address or marital status as well as arrange of a direct deposit.
Once I am all set up, I expect My Account to make my own tax management process a lot more efficient.