Why You Need to Setup your My Business Account with MyCRA

Setting up a My Business Account (MyCRA) with the Canada Revenue Agency (CRA) is an essential step for managing your business's tax affairs online. Here’s a comprehensive guide on WHAT it is, WHY it’s beneficial, WHO needs it, and HOW to set it up.

WHAT is MyCRA?

MyCRA is a secure online portal provided by the Canada Revenue Agency (CRA) that allows business owners to manage their tax-related information and transactions online. Through this account, businesses can access a range of services, such as filing tax returns, making payments, and accessing various tax documents.

WHY Set Up MyCRA?

·       Convenience: Manage your business tax affairs from anywhere, at any time - 24/7 

·       Efficiency: Streamlines the process of filing taxes, making payments, and accessing tax documents.

·       Access: It allows accountants to file and pay business taxes online

·       Compliance: Helps ensure you stay compliant with CRA regulations by providing timely access to tax information and deadlines.

·       Security: Protects your business’s financial information with advanced security measures.

WHO should be using MyCRA?

This service is for Business owners (including partners, directors, and officers) while  authorized representatives (including accountants and employees) can access these services through the Represent a Client module.

HOW to Set Up MyCRA for Your Business

Step 1: Gather Required Information

Before you begin, make sure you have the following information:

·       Social Insurance Number (SIN)

·       Date of birth

·       Current postal

·       Your last filed personal tax return details

·       Business number getting registered

Step 2: Register for a MyCRA Account

1.     Go to  https://canada.ca/my-cra-business-account

2.     Click “CRA Register” under “Option 2 - Using a CRA User ID and Password”

3.     Follow the instructions to complete registration

4.     You will need your SIN number, address, and previous personal year’s tax return statement

5.     Create a CRA User ID and Password: Follow the prompts to create a secure User ID and password and set up your security questions and answers.

6.     Receive Your CRA Security Code: You will receive a CRA security code by mail within 5-10 business days. Once received, log in to your MyCRA account and enter the security code to activate your account.

7.     After confirming your identity with the CRA, you will receive a code via email, which you can use to login to the CRA and complete the registration process

Step 3: Link Your Business Account

1.     Log in to Your MyCRA Account: Use your CRA User ID and password to log in.

2.     Add Your Business Number (BN): In the My Business Account portal, select "Add a business" and enter your business number and other required details.

3.     Verify Your Identity: You may need to provide additional information to verify your identity and link your business to your MyCRA account.

4.     Complete the Setup: Follow the remaining prompts to complete the setup.  You can now access and manage your business’s tax information online.

Step 4: Add your accountant with Represent a Client

1.     Login to your My Business Account

2.     On the “Overview” page, click “Profile” in the top right of the page

3.     Scroll down and look for “Authorized representatives”. Click “Manage authorized representatives”

4.     Click “Authorize a representative”

5.     Enter their RepID, GroupID, or BN and press next

6.     Select the “Level of authorization for this representative” 

a.     Level 1 - allow access to information

b.     Level 2 - allow access and make certain account changes

c.     Level 3 - Delegate authority for the business and allow access and account changes

7.     Leave “Expiry date” empty

8.     Click the box beside “All accounts” under “Accounts this representative will be authorized to access”

9.     Press next

10. Click the box under “Confirmation” and then press “Submit”

11. You will then see a page confirming the details of the authorization you have granted. This can be revoked at any time through the My Business Account portal

For step by step instructions on accessing My Business Account, go to: Registration process to access the CRA sign-in services.

Tips for Managing Your MyCRA Account

·       Regular Updates: Regularly update your contact information and security settings.

·       Timely Filings: Use MyCRA to file returns and make payments on time to avoid penalties.

·       Stay up to date on Notifications: Check for CRA notifications and updates to stay informed about your tax obligations.

By setting up and using MyCRA, you can effectively manage your business’s tax responsibilities, ensuring compliance and optimizing efficiency.