How To Set Up My Account for Individuals with CRA The Online Portal for Tax Information

Do you have online access to your account with the Canada Revenue Agency? If you’re like most people, you’re probably unaware that the CRA has invested a lot of resources into helpful online services for Canadians. These online services enable access to your previous Notice of Assessments (NOA), see the status of your current Tax Return, make changes to your address and banking information, file disputes, authorize your accountant or financial advisor to access your tax information directly,  and a number of other useful things. It’s like online banking but for your tax related matters.

At Red Seal Financial Ltd. we help our clients get signed up because it enables our clients to easily dig up tax information relevant to the financial planning process. You can access years of personal information with the click of a mouse.

The process for signing up is easy and this article will walk you through the steps.

Step One – Get Started.

Visit the CRA website and click Login/Register.

You have two choices here:

  1. Choose to register using your current online banking login credentials. CRA has built partnerships with several banks in Canada and your online banking credentials can be linked to your CRA account so you only have to remember the one login. If your bank isn’t a participant in this program, then you’re left with option 2 below.
  2. Register your own unique user account. This involves selecting a username, password and setting up your own security questions.

If you choose Option 1 (use your existing online banking credentials) you will be asked to enter your bank card number and password. CRA uses your bank’s existing online login process to validate your identity and then redirects you back to the CRA website to access your tax account. This is the easiest way to get your account set up.

If you choose Option 2 (set up a unique user ID), you will be asked to enter some personal information that includes information off your last tax return. You will need to have your prior year T1 General (your tax return) handy because the security questions are typically something like “What was the amount you filed on line 120 of your 2017 income tax return?” Once you’ve have passed the identity validation steps, you will see the following message:

At this point, CRA is going to send you a letter (by snail mail) that has an alpha-numeric code. This access code is going to be required to finalize your account setup. When the letter arrives, you will need to log back into your account and enter this code. Doing so will finalize the account set up and open up the full functionality of the CRA “My Account” website.
Once you have access, this online portal is the easiest way for you to dig up tax or income related information for mortgage and bank loan applications, RRSP contribution limits, view your tax slips from  your employer, just to name a few of the features.

If you have questions or need help, reach out and introduce yourself.