CRA | Financial Crooks

Recently I discovered that I have made a small reporting error on my T2125s for the last 10 years. It’s a factual typographical error, not an error in my taxes, thank goodness. Still, I want to get it corrected. I knew I could submit a bunch of T1-ADJ forms by mail but I thought it might be cheaper to do it online. To submit the changes to my tax returns online, though, I need to use my CRA My Account which I don’t have access to yet. This is how I got started; if you need to adjust your taxes or want to check your TFSA contribution and withdrawal history etc, you might want to apply for access to your CRA My Account files too.

The Two Levels of Access to a CRA My Account File

You can get almost immediate access to the first level of your CRA My Account file. You’ll need to know some basic information about yourself and about your last assessed tax return.

To get full access, though, you’ll have to wait for the CRA to mail you a CRA Security Code. It takes 3-5 Canada Post delivery days for the code to arrive in your mailbox.

Setting up Your CRA My Account Id and Password

To get any access at all, you need to perform the following steps.

Go to the Canada Revenue Agency My Account for Individuals page at http://www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/myccnt/menu-eng.html
Click on the CRA Register button.
Type your Social Insurance Number in the text box.
Click on the Continue button.

The Validate Your Identity Screen

From the drop-down lists, select your Date of Birth.
In the text field, type your Postal Code.
In the Tax information field, type the amount requested from the line specified from your last assessed income tax return. For example, they may ask you to type in the amount you reported on Line 120.
Click on the Continue button.

The Postal Code/ZIP Code Verification Screen

If your postal code is correct, click on the Yes button.
The CRA will then mail you your CRA Security Code.

The Create Your CRA User ID and Password Screen

In the User ID field, type the id you want to use when accessing your CRA My Account.
It has to be 8-16 characters long, with no spaces and no more than 7 numbers.
In the Password field, enter the password you want to use with the id.
In the Confirm Password field, re-type the new password.
Click on the Continue button.

The Create Your Security Questions and Answers Screen

From the drop-down list, select Question 1.
Type the answer in the Answer 1 text field.
From the drop-down list, select Question 2.
Type the answer in the Answer 2 text field.
From the drop-down list, select Question 3.
Type the answer in the Answer 3 text field.
From the drop-down list, select Question 4.
Type the answer in the Answer 4 text field.
From the drop-down list, select Question 5.
Type the answer in the Answer 5 text field.
Keep selected the option: Ask me a security question each time I login (recommended). It’s safer to use the site with this option.
Click on the Continue button.

The Review My Security Questions and Answers screen
If everything looks fine, click on the Continue button.

The Terms and Conditions of Use Screen

In the Password field, type in your new password.
Click on the “I agree” button.

The CRA Security Code Notification screen
Click on the Quick Access button.

The Terms and Conditions of Use Screen
Read the terms and if you can accept them, click on the I Agree link.

What Information is Available Before I Get My CRA Security Code in the Mail?

While waiting for your CRA Security Code letter to arrive in the mail, you can use the CRA My Account website to see a bit of information. This includes:

For which year your last return was assessed, and, if applicable, when a refund was deposited into your bank account.
How much you can contribute to your RRSP for the current year
How much you could contribute to your TFSA on January 1 of the current year. This information is not always accurate. I urge you to keep your own up-to-date records as the CRA records are only updated once a year.
The benefit payment status for your CCTB, GST/HST credit, UCCB

You can also use a link to request the CRA mail you out a remittance form for payments you wish to make on your taxes.

Click on the Logout button.
Click on the Exit button.
Close your browser session.

Waiting for your CRA Security Code

It took about 3 mailing days for my code to arrive.

How to Get Access to your CRA My Account Tax Information Online Using Your CRA Security Code

Once you get your CRA security code in the mail:

Open your web browser and go to: www.cra.gc.ca/loginservices
Click on the My Account button.
Click on the link called CRA Login.
In the User ID: field type the id you created earlier.
In the Password field, type the password you created earlier.
Click on the Login button.
Answer your Additional Security Feature question.
Click on the Continue button.
Check that the date and time of the last CRA login is correct for the last time you accessed your account; if it is click on the Continue button.
Read the CRA Security Code Entry information. Then, in the CRA Security Code field, type the code from your letter.
Then click on the Continue button.
Read the My Account Terms and Conditions of Use. If you are willing to accept them, click on the I agree link.

On the Welcome screen are links to your latest Notice of Assessment and possibly a link to view your T4 and other tax slip information.

I’m now ready to file a bunch of T1-ADJs to fix that annoying mistake!

Related Reading

What Info (T4, Tax Owing, RRSP Limits) Can You See Online from your CRA My Account Website?

Join In
Did you apply for access to your CRA My Account website? Did you get your security code in the mail in a reasonable amount of time? Please share your views with a comment.

Gradually the Canada Revenue Agency is moving their information into electronic databases that can be accessed online. Once you apply for and receive a CRA Security Code, you can sign in to your personal CRA My Account page and look at different types of information. Here’s which info was available when I looked this week.

Here’s some examples of the types of Information people might be looking for which are on the CRA My Account pages:

an electronic copy of their T4s
their most recent Notice of Assessment
how much income tax they still need to pay
a way to set up paying their taxes, especially quarterly instalment payments, by direct debit
a way to add or update their information for directly depositing any tax refunds in their bank account
the Education amounts that they have been claimed or are carrying forward to claim later
capital gain and losses information about what is being carried forward
a way to review and update information about the children in their care for the various child tax benefits
their RRSP deduction limit for 2014. (That’s the amount of new money you can contribute to your RRSP in 2014)
their unused RRSP contributions available to deduct for 2014. (That’s in case you contributed to your RRSP in some previous year and reported the contribution but have not yet claimed the tax deduction presumably because you were at a low or no income tax level that year.)
their outstanding home buyers’ plan payments
their outstanding lifelong learning plan payments
a way to view and correct their address, phone number, marital status or authorized representative’s name

The information is located on the following pages as described below.

The first page has 6 tabs across the top, listing:

Welcome page
Tax Returns
Accounts and Payments
Benefits and Credits
RRSP and Savings Plans
Personal Information

There is also a set of links down the left side of the screen to allow you to:

Change my return
Change my address
Apply for child benefits
Submit documents
Arrange my direct deposit
Authorize my representative
Pay be pre-authorized debit
Request a remittance form
Register my formal dispute.

The CRA My Account Welcome Page

On the Welcome screen are links to your latest Notice of Assessment and possibly a link to view your T4 and other tax slip information.

Notice of Assessment Page

I clicked on the Notice of Assessment link. It shows some of the information on my latest notice of assessment including

The amount of unused net capital losses from previous years
The amount of unused non-capital losses from other years
The results of my income tax forms including
Line 150 total income
Line 236 Net income
Line 260 Taxable income
Line 350 Total federal non-refundable tax credits
Line 6150 Total provincial non-refundable tax credits
Line 420 Net federal tax
Line 435 Total Payable
Line 437 Total income tax deducted
Line 482 Total credits
Total payable minus total credits
Balance from this assessment
Final balance.

It also has links to

View returns
Change my return

The T4 and Other Tax Slip Information Link Page

This leads to a page with links to 5 types of T4s:

T4
T4A
T4A(P)
T4A(OAS)
T4E

It states that RC62 and RC210 slips are on the Benefits and Credits tab page.
It states that T5 and other tax slips are not yet available on this site.

Information Available from the Tax Returns Tab Page

There are 4 links on the tax returns page:

View Returns
Carryover Amounts
Tax Information Slips (T4 and more)
Disability Tax Credit

The View Returns Link Page

When I opened this page, it provided a list of links to various returns.

Initially I was worried to see it said “Not received” at the top of the list. Then I saw that was for 2014. Since I’m looking at it in May 2014, that’s true: I won’t file my 2014 taxes until April 2015.

For each year from 2003 to 2014, it lists the status of the return and the date it was processed. If the return has been Assessed, there is a link.

The link leads to a page with a summary of the tax assessment for that year.

The Carryover Amounts Link Page

This screen shows a variety of items that can be carried.

For example, on mine, I can see some capital gains and losses. It shows an Unapplied Net Loss. It could show a Net loss applied from a prior year or a Net loss applied from a subsequent year.

Mine also shows under the heading Capital Gains Deduction

the Capital gains deductions made per year
the Net investment gain/loss
Farm property; and
Small business shares

And under the heading Non-Capital Losses
It shows the year, current year value, prior year, and subsequent year.

Under the Heading Federal Tuition, Education and Textbook Amounts
It shows the Year, Amount from Prior Year, Current Year Amount, Current Year Amount Applied, Transferred Amount, Amount from Prior Year Applied and Amount Available for Carry Forward.

Unfortunately, I used up my last Education amounts in 2000.

On the Tax Information Slips (T4 and more) Page

This leads to the same page as the Welcome Page link.

So it shows a page with links to 5 types of T4s:

T4
T4A
T4A(P)
T4A(OAS)
T4E

It states that RC62 and RC210 slips are on the Benefits and Credits tab page.
It states that T5 and other tax slips are not yet available on this site.

The Disability Tax Credit Link Page

For me, this leads to a page stating I have never claimed the disability tax credit, which fortunately is true.

The page has a link to further info about the Disability Amount.

The Accounts and Payments Tab Page

This page has 6 links to:

Account balance and statement of account
Instalments
Direct deposit
Pre-authorized debit
Request a remittance form
Help with this page

The Account Balance and Statement of Account Link Page

This tells me my account balance is 0. Phew.

It has a link to set up a pre-authorized debit to pay your balance.

It has a link to view your Statement of account.

When I clicked on that link, it showed me my balance forward as of April 22 2013, and my 2012 and 2013 assessments, plus my balance as of my last notice of assessment in 2014. Fortunately, all zeroes.

The Instalments Link Page

This lists the total instalment payments for 2014, and offers a link to set up a pre-authorized debit to pay my instalments.

Direct Deposit Link Page

You can click links on this page to start or stop direct deposit of income tax refunds, WITB payments, the GST/HST credit, the Canada Child Tax Benefit and the Universal Child Care Benefit.

If I click Start, I can fill in the Branch Number, Institution Number and Account Number to start a direct deposit of a payment from the CRA.

The Pre-Authorized Debit Page

As the page says: “A pre-authorized debit agreement allows you to set up post-dated payments to the CRA from your bank account on a one-time or recurring basis on the date you choose. “ By clicking on links you can provide the information to make your payments, or change the existing information.

This could be very handy for people paying by installment.

The Request a Remittance Form Page

If you need a T7DR, T7DR© or INNS3 you can click and they will automatically mail you one. It will take 10-14 days to receive though.

The Benefits and Credits Tab Page

This screen allows you to

Review your personal info
View and update information at the CRA about children in your care
View info about the
Canada child tax benefit
Universal child care benefit
Working income tax benefit
Ontario Trillium benefit
GST/HST credit
Disability tax credit
Ontario senior homeowners’ property tax grant
and other provincial and territorial credits and grants

The RRSP and Savings Plans Tab Page

This screen has three links

RRSP
Home Buyers’ Plan and Lifelong Learning Plan
Tax-Free Savings Account (TFSA)

RRSP Link Page

This lists

my 2014 RRSP deduction limit and
my unused RRSP contributions available to deduct for 2014

This includes links to the information used to calculate the above values.

Home Buyers’ Plan and Lifelong Learning Plan Link Page

This tells you your current balances and payments for your HBP and/or LLP. Once you’ve paid off your HBP or LLP in full it will just show many zeroes.

The Tax-Free Savings Account (TFSA) Link Page

This page has a link to Contribution room and to a Transaction Summary.

Because the TFSA contribution room is only updated to December 31, 2013, it’s not very useful. I made my contribution on January 1, 2014, so it’s not reported here yet. The TFSA contribution room summary page is even more confusing. IT shows the room I

theoretically had on January 1 each year. I’m glad I kept my own records.

The TFSA Transaction Summary Search Link Page

This is a bit more interesting. From the first drop-down list I can select for which financial institution to view TFSA transactions.

I checked the list and was mildly pleased to discover it does list each of the banks and brokerages through which I have made a TFSA contribution or withdrawal.

Next, I can select transactions for specific time periods by selection start and end months and years.

I tested this by selecting January to December for 2012 to 2013 for all financial institutions. Everything was there correctly. Even a mistake I’d made in 2009 which I’d long since forgotten about. (I withdrew $205 accidentally in August and had to wait until January 1 2010 to put it back in.)

The Personal Information Tab Screen

This page has three links

My address and telephone numbers
Authorized representative(s)
Change my marital status

Wow! Who knew I could get married or divorced so easily! Just a couple of clicks! Oh. I see. It’s just for tax reporting purposes. It’s not legally changing anything.

Anyway, my phone number and address are correct. There are links there, though, to allow me to update the information if desired.

I’m pleased to see that no one has hacked my account yet, as I have no “authorized representative” yet.

I can see how to change my marital status, but as my husband is still enduring my company right now, I mercifully don’t have to.

And that’s it! That’s all the screens they have on offer so far.

When You Have Finished Using Your CRA My Account Information

Click on the Logout button.
Click on the Exit button.
Close your browser session.