CRA My Account is a secure platform created by the Canada Revenue Agency that allows you to access your personal and business income tax information in a safe manner. Having the ability to view all of your tax information in one place is more convenient, as it allows you to plan and prepare for tax debts and payments and can help you stay on top of your taxes and financial health.
There are two ways to open a CRA My Account. First, you can create a “My Account for Individuals, and sign up through the CRA’s website. The second option is to access sign-in services through a CRA partner, most often a financial institution, like a bank.
A secure portal, My Account is for individuals that wish to view their personal income tax and benefit information. My Account allows you to handle your tax tasks completely online. The My Account option for individuals can be created through the Canada Revenue Agency’s website. Before you can register, you’ll need to have the following information:
You will need to input the above information when you register for a CRA My Account. On that webpage, you can create a username and password to log in with, as well as security questions and answers to protect your account. It’s important to make your security questions difficult for anyone other than yourself, as CRA accounts have fallen victim to data breaches in the past. At this stage, you have limited access to your tax information.
Once you finish creating your security questions and log-in info, you’ll be given a CRA security code. Then, you can visit the CRA log-in page and log into the portal with your username and password, and input the security code when prompted. After inputting your security code, you will have greater access to your tax information.
Learn how to file your taxes as a couple.
Similar to creating an account for CRA My Account, the Sign-in Partner option allows you to sign in to your CRA account using information that you’ve already used for a log-in portal with a partner, usually a bank or other financial institution. The CRA introduced this option to make online tax services more accessible and convenient for users to access. By allowing people to use a bank credential for their tax information, their financial situation can be accessed through one login, resulting in one less username and password to worry about.
It’s also important to note that the CRA does not share your tax information with your financial institution, despite having them as a sign-in partner
The CRA allows the following sign-in partners to be eligible for login:
Opening a CRA My Account gives you greater financial health and knowledge since you are more aware of your tax situation. Here is a more extensive list of benefits.
Find out the difference between a tax credit and a tax deduction.
Creating a CRA account is a step towards greater financial awareness. To achieve financial success and sustainability, it’s important to be aware of your financial situation, including debts owed, tax information, and correspondence with the CRA.
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Chrissy is a Toronto-based communications advisor. With an English degree from the University of Toronto and editing courses under her belt from Ryerson University, she has continued her lifelong passion for writing and editing. In addition to working for Loans Canada on a variety of financial topics, Chrissy has a few years of resume writing and editing under her belt, and takes great pleasure in helping people find work that fits with their experience and passions. When she isn't working, you can find her practicing yoga, hanging out with her dog, reading up on financial and real estate news, or planning her next trip abroad.
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