One of the most important things you can have is have a My CRA on-line account with the Tax Folks. How do you do that?
Go to this web site to start the process: CRA Log In Registration Site . Note you will need a copy of last years Tax return to verify you are who you are. Once you register, you wait, because the CRA will then send via Canada Post your log in credentials.
Yes, this is cumbersome, but also very important. This variation on 2 stage verification is important to ensure no scurrilous nasty folk get at your CRA data. Even in troubled times, security is very important.
Once this letter shows up follow the instructions and log in. After logging in once, you can then put that information somewhere very secure, and forget about it. Why? Your Bank access for online banking can be used (for most of us) as our log in after that.
Why Get it?
Why is My CRA so good to have? Here are a few things you can get there:
- Your TFSA limit for this year. This is calculated at the start of the year, so if you have already deposited money into it, you’ll have to take that into consideration.
- Your RRSP limit for the year. See the TFSA for the same cautions about the data.
- The Status of your Tax Return or Appeal. I have found this invaluable with my many reviews and such. Typically the CRA will tell you if you have email to deal with from them as well.
- Emails from the CRA about your return, or appeal. This is the only way the CRA will contact you, and it will tell you to check My CRA, without any link. They won’t ask for iTunes cards either.
- Usually you can download your Tax data into Turbotax and other Tax Prep software, which makes life infinitely easier. I used that this year, very useful.
- Lots of other stuff too.
If you are an on-line person, get this access now, it will make your life much simpler.