Thursday, April 6, 2017

CRA Accounts

No one knows more about your tax position than the CRA (Canadian Revenue Agency). What most people don't realize is that anyone who pays federal tax can go directly to the source through a secured, personal online account or mobile app called My Account (My CRA). If you haven't heard of the My CRA account, here's why you should sign up now.

By signing up for a My CRA account you can track your refund, access past returns, statements, updated assessments, and T-slips, check your benefit and credit payments, set up direct deposit,  or receive online mail. You can also find how much you have contributed to your registered retirement savings plans (RRSP) and tax-free savings accounts (TFSA). Also view how much contribution space you have left, which can help you to avoid nasty penalties if you contribute over the limit.

Set up account alerts, so that you can be notified of any changes that are made, or need to be made, to your personal information. i.e: If you forget to change your address after moving, your account will notify you that something is incorrect to ensure that all information is up-to-date.

Similarly, starting this year, personal online accounts will include information on your Canada Pension Plan (CPP) including contributions and benefits. View all past and present contribution amounts and asses what you can expect to collect at age 60, 65 or 70.

This is a great tool for tax, retirement and financial planning, as financial advisors we encourage all Canadian's to sign up for a My CRA account. Your financial information belongs to you. With a My CRA Account you can have immediate, secure access to all of your information in seconds.

For more information on how to sign up; check out our Facebook Page here, or go to