Once you’ve filed your tax return, it’s easy to think that you won’t need to worry about your taxes again until next year. But you may be surprised to find that it’s actually in your best interests to keep track of key information, like your refund status or your new RRSP deduction limit, all year long. That’s where myCRA comes in. The Canada Revenue Agency recently suspended the accounts of over 100,000 taxpayers after discovering that their login credentials were for sale on the dark web. However, CRA spokesperson Christopher Doody insists that the accounts were not breached and that the decision to lock the accounts was “a preventative measure.”
You can log in to your CRA account using your user ID and password or through a sign-in partner. When you log in, the system will validate your identity by asking you to provide personal details or answer security questions. Once you’re approved, you’ll receive a CRA Login code by mail or in an automated message on the phone, which will be valid for one sign-in use. Once you’ve entered the code, you can access your CRA My Account and continue to login in the future. Note: This code will have an expiry date, so be sure to enter it soon.
How to Create MyCRA Account?
There are two ways to sign up for a CRA My Account: Option 1 and Option 2:
- The first way is to visit the CRA website and follow the links to the CRA Login Services page. Once you get to the login page, click on the button labeled “Login with a Sign-In Partner”. Select your bank or financial institution and login using the credentials that you use for online banking. You will then be redirected to the CRA Login Services page and given a security code.
- The second way to sign up for a CRA MyAccount is to visit the CRA website and follow links to the CRA My Account page. Once you get to the login page, enter your CRA user ID and password and validate your identity by entering personal details. After confirming your identity, you will be granted limited access to your CRA My Account. You will then be asked to create security questions and answers to help secure your account.
To sign up for myCRA, you’ll need to provide your personal details, including your postal code and date of birth. The site will also require you to answer questions to verify your identity. Once you’ve finished the registration process, you will receive a security code that must be entered into myCRA to gain full access. Creating a myCRA account is an important part of tax planning. It gives users digital access to past and current income tax returns, notices of assessment, proof of income documents, and benefit payment schedules. It also allows taxpayers to make direct deposit payments and maintain their banking information. It is a convenient and safe way to manage your taxes.
CRA’s online service is secure and available 21 hours a day. It can be accessed using a CRA user ID and password or by logging in with a sign-in partner. Alternatively, a security code can be received by mail. This code can be entered when prompted on the CRA website to gain full access to the myCRA login portal. The CRA login process can be frustrating for many Canadians, especially following recent cyber incidents that locked thousands of CRA accounts with no explanation from the agency. The CRA has since apologized for the lack of clarity in its email notification to affected taxpayers.
How to Open MyCRA Business Account?
Creating a business account is more complex than registering for a personal one. To create an account, you will need to have your Social Insurance Number (SIN), copies of the last two tax returns for both the current year and the previous year, plus a line number amount from either of these returns (RT for GST/HST accounts; RM for import or export business; RP for payroll deductions; RZ for information returns).
You can register for an account online on CRA’s website by clicking “My Account” in the top blue banner. You will need to validate your identity and enter your CRA security code (which you will receive in the mail). Once you have an acceptable user ID and password, you can choose to set up auto-fill so that you can log in faster the next time you visit the site and download forms such as T4s, T5s, and RRSP receipts.
Alternatively, you can use a sign-in partner such as your financial institution or social media service to gain access to CRA online services. This makes it easier to log in, and your banking information is not shared with the CRA. If you decide to register this way, you will need to provide your CRA security code at the end of the registration process and answer questions that are used in case you forget your CRA user ID or password.