You Need a My CRA Account

One of the most important things you can have is a MyCRA online account with TaxFolks. When you apply for the Canada Revenue Agency login, you have access to a lot of your financial information. How do you do that?

Straight forward

Go to this website to start the process: CRA Log In Registration Site . Note you will need a copy of last year’s tax return to verify you are who you are. Once you register, you wait because the CRA will then send your login credentials via Canada Post.

Make sure you set all the required security questions when you create your login. The security questions will help keep your CRA login safe.

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 store that information in a very secure place and forget about it. Why? Your Bank access (i.e. sign-in partners) for online banking can be used (for most of us) as our login after that.

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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, but there will be no 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.
• Employment insurance EI benefits are also listed if you are unemployed.
• Lots of other stuff too.

If you are an online person, get this access now, it will make your life much simpler.

Other CRA Thoughts

• My CRA Error ERR 021 - My CRA account is now locked out due to an undisclosed issue at the CRA (error ERR.021 ). Evidently it has nothing to do with a cybersecurity breech.