As part of our commitment to ensuring your financial well-being, we would like to draw your attention to a crucial aspect of managing your tax-related documentation and learn about one of the most under-utilized resources provided from The Canada Revenue Agency (CRA).

The CRA My Account is a CRA website that provides a world of information that you should familiarize yourself with and utilize on a regular basis.

One of the most crucial reasons to use the CRA My Account is to obtain your CRA mail.Over the recent years, CRA has transitioned to providing important documents through the CRA My Account via email notifications rather than traditional hard copy mail sent via Canada Post.This shift aims to streamline communication and enhance accessibility.To ensure you stay informed and avoid any potential tax owing or requests from CRA, we strongly encourage you to proactively be familiarized with your CRA My Account.

The biggest pitfall that we witness, is receiving mail from the CRA through My Account and the email notification is lost among the other many emails in your inbox. Often, the mail notification is CRA requesting for information from a prior tax year with a 30 day deadline to respond. If the request is not respond to, CRA will simply remove the item from your tax return, reassess you and send you a new tax bill. The worst part is, many people pay the bill when if fact it never should have been.

Key Points and Benefits of the CRA My Account:

1.  Mail Section in CRA My Account:

  • Log in to your CRA My Account and navigate to the mail section on the left side of the page
  • Check for email notifications regarding documents from the CRA

2. Notice of Assessment:

  • Most commonly, you will find your annual Notice of Assessment or Reassessments

3.  RRSP and TFSA Contribution Room:

  • Find your current RRSP or TFSA contribution room
  • Note that the TFSA contribution room for the current year is typically not updated on the CRA site until in and around May of the current year.  If you are looking for TFSA contribution room for the current year, a manual calculation may be required.

4.  Additional Services on CRA My Account:

  • Download government and other tax slips from your T4 to other investment slips
  • Confirm current tax installments
  • Make tax installment payments conveniently through the website
  • Review Disability tax credits, Canada Child Benefit and much more

Take Action Today:

Ensuring timely access to your CRA documents not only keeps you informed but also helps prevent potential issues down the line.We understand the significance of these updates and encourage you to familiarize yourself with the CRA My Account features.

If you have any questions or need assistance navigating your CRA My Account, please do not hesitate to reach out to us. We are here to support you in managing your financial affairs effectively.

Deanna McLayB.Comm, CFP, CLU

Financial Planner