You totally need CRA’s My Account service, and now it’s easier to sign up

Some things you can stop wondering about if you have a My Account set up with the Canada Revenue Agency:How can I make a change in my tax return?

How much contribution room do I have for my registered retirement savings plans and tax-free savings accounts in 2024?When is my next Canada Carbon Rebate, GST tax credit and Canada Child Benefit payment coming, and how much will they be?I’ve had a My Account for many years and check it multiple times a year. It’s essential for managing your finances, and now it’s much easier to set up.

CRA has until now had a rather plodding process for setting up My Account and registering for digital services like setting up direct deposit and updating personal information. You had to apply for a security code sent by mail – yes, mail – and settle in for a wait of up to 10 business days. When you need to check a detail about your tax return or your contribution room for registered a accounts, it’s usually a spur of the moment thing and not something you plan 10 days in advance. Now, you can get a My Account – and a My Business Account – instantly. If you prefer to request the code, you can still do that.If you have a tax-free savings account valued at more than $500,000, The Globe and Mail wants to hear how you accomplished the feat.

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