Good Luck Trying to Reach the CRA

August 03, 2020 | Marcia Zhou


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Take Advantage of the CRA’s Online Services

With the COVID pandemic keeping everyone indoors, there has been a surge in demand for stay-at-home and online services. During these past few months, I have received countless questions from clients about RBC Online Banking and RBC Wealth Management DS Online among others, but none seem to have drawn as much interest as the CRA’s online services.

To no one’s surprise, calling in to the CRA to access tax information has been an arduous task as of late. With many Canadians calling into claim CERB, CESB and EI benefits in recent months, trying to reach the CRA by phone has become a frustrating and near impossible experience, with some of my clients having sat in the CRA’s phone queues for upwards of two hours. However, there is a simple solution available. Launched in 2015, CRA My Account is an online browser-based app that allows you to securely access key aspects of your financial profile. This service allows you to see and manage your tax-related information essentially 24/7.

Even for those that are not particularly tech-savvy, CRA My Account is a simple and easy to use service through which you can get most of your tax-related questions answered. For example, a recurring question I get every year is about my clients’ remaining TFSA contribution room. As of 2020, and assuming that your contribution room has been accumulating since 2009, your total contribution limit should be $69,500. (The annual TFSA dollar limit for years 2009 to 2012 was $5,000. For years 2013 and 2014 was C$5,500. For the year 2015 was C$10,000. For the years 2016 to 2018 was C$5,500. And C$6000 for the years 2019 and 2020).

However, clients have a hard time remembering how much of that limit they have utilized, and how much more they can still contribute. CRA My Account allows you to view your remaining TFSA contribution room (as of the beginning of the calendar year). In addition, you can view your RRSP deduction limit and access many more services, including but not limited to:

· Viewing annual tax slips and a detailed status of your tax return

· Viewing your notice of assessment (NOA)

· Changing and/or managing your direct deposit details

· Changing personal information (address, telephone number, etc.)

· Changing previous tax returns

The services available through CRA My Account are almost too many to count, and it is more than likely that any tax-related inquiry could be solved by visiting this website.

I understand that a potential cause for concern is having to commit another username and password to memory, but the CRA eliminates this concern by allowing you to login with a Sign-in Partner. This allows you to login or register with data already easily accessible, such as your Online Banking information, perfect for those who constantly forget their passwords like me.

Of course, this service is not only beneficial for your own personal use but also for your accountants and other authorized representatives, as they can access these same services for you through a “Represent a Client” service.

All in all, the CRA My Account service can help you answer all of your tax-related inquiries and so much more. During a period where options for help seem limited, it is important to be aware of all the paths available to you.

Click HERE to get started.

Our goal is to guide you through your financial affairs, and that entails being a one-stop-shop for all wealth management matters. Don’t hesitate to reach out to your advisor, we are here to help.

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Personal finance Tax