My Account is the best way to make sure you are taking advantage of all the government benefits available to you and your family. This is number 3 on our Ultimate New Mom's Checklist that you can download for FREE.
What is My Account with Canada Revenue Agency (CRA)?
My Account is your secure online portal for anything to do with you and CRA. If you are a new mom or have a baby on the way, there are so many things you need to think of and this probably wasn't one of them. In order for you to take full advantage of all government benefits, this is the best way to keep up to date and manage all your affairs with CRA. Most of our service providers are moving online and reducing physical mail. Well, the CRA is no different. Even as I am writing this article, Canada Post is going on a partial strike and we won't know when we will get mail. We might as well agree that we should get set up with as many online platforms as possible.
What are the advantages of registering for My Account? Here are a few:
You will receive all mail online that comes from Revenue Canada and you won't have to worry about getting mail delivered or any Canada Post Strikes.You can apply for and view:
- Child Benefits
- Universal Child Care Benefits
Set up direct deposit to avoid delays in receiving payments such as:
- Income tax refunds
- Tax credits or territorial payments
- Canada child benefits, etc.
View your available contribution room for Registered Retirement Savings Plan's (RRSP's) and Tax Free Savings Account's (TFSA's). You definitely don't want to over contribute and get hit with penalties.
If you complete your own tax returns, you can file online through My Account. Just make sure you are using NETFILE-certified software.
Your Income Tax Notice of Assessments (NOA) can be printed off here. If you ever need to apply for a mortgage or a home equity line of credit, you will need your last years NOA.
You can view the status of your Home Buyers Plan and Lifelong Learning Plan.
View all of your tax information and slips. It always seems I need one of these slips and can never find them.
Keep your personal information current, such as address and marital status.
I am sure more things will become connected to your individual CRA account in the future.
When should I register for My Account with CRA?
The minute you are reading this is the best time to get registered. You don't have to wait till your baby is born, or wait till you finish moving or for any other reason. Once your account is all set up you can make any updated changes online. Also, if you are having a baby soon you don't want to delay in receiving any child or family benefits once the child is born.
How do I register for My Account?
Before you begin to register you will need to have the following information available:
- Social Insurance Number
- Date of birth
- Current postal code
- Last year's income tax return