Despite being an incredibly useful tool – not to mention free to use – the Canada Revenue Agency’s (CRA) My Account portal is still vastly underused. It can help you to gain a far better overview of your financial standing on an ongoing basis.
The My Account portal is available 21 hours a day, 7 days a week, and it’s easy to access and very user-friendly. (The services are not available 24 hours a day due to daily maintenance activities.) You can view your personal income tax and benefit information, but also manage a range of tax issues online, making the whole process much more manageable than it used to be. Among the services which can be accessed through the portal:
- View status of tax return
- View RRSP deduction limit and TFSA contribution room
- View Home Buyers’ Plan and Lifelong Learning Plan
- View tax credits
- View working income tax benefit advance payments
- View charitable donations and how they affect your tax status
- Apply for child benefits
- Authorize a representative
There’s also a MyCRA app which can be downloaded, so that you can access and edit your details on the go. Both platforms just need a few personal details (social insurance number and some figures from your last income tax returns), and you’re ready to go. Full details about signing up can be found on the CRA website here.
You can also now register a trusted representative to obtain access to your account, and they can leverage the information there to provide you with more informed advice.
Business Owners
The most overlooked area of financial planning for business owners and incorporated professionals is the lack of integration between corporate and personal assets. When the majority of your assets are in your corporation you need very specific, specialized and personalized financial advice.
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