As CRA continues on its mission to minimize paper and make more services available online, it becomes increasingly important to register for My Business Account with Canada Revenue Agency (CRA) and learn how to use it.
To make it easier, CRA has created a video explaining how to register for My Business Account.
With My Business Account you can open GST-HST and payroll accounts, authorize (and un-authorize) tax representatives, file returns, and request changes to your account without having to reserve half a day to be on hold with CRA or send things by mail and wait months to find out whether or not they’ve been received.
Because it is such a powerful online portal and grants access to so much sensitive information about your business, CRA has high standards of security when setting up or logging into My Business Account. The process is therefore more complicated than setting up an account with (say) an online retailer. This can be confusing and frustrating.
But don’t give up! The setup may be tedious, but the advantages of having access to My Business Account in terms of obtaining information from or dealing with CRA with regards to your business make it well worth your while. And as CRA’s online services evolve, we are finding that dealing with CRA without access to My Business Account is getting increasingly more difficult and restricted.
That is why Personal Tax Advisors strongly recommends that all self-employed, freelance, and/or GST-HST registered individuals set up their access to My Business Account as soon as possible.