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Why CRA My Business Account is a Must-Have Tool for Efficient Bookkeeping & Accounting

As a savvy entrepreneur, you understand the exhilarating nature of the ever-changing small business world, where exciting moments coexist with hurdles that require overcoming. 

Amidst all this daily excitement, it’s crucial to recognize the importance of maintaining financial stability and ensuring meticulous bookkeeping practices. Having access to your CRA account is essential to being able to review how payments have been applied to your tax-related accounts, filing GST, source deductions, and more.

Also, you can add your accountant and or bookkeeper to be authorized through the online account so they can make calls and requests on your behalf.  

The Benefits of the CRA My Business Account

Access to Financial Information

  1. With the CRA My Business Account, you can access all your essential financial information in one secure place. From business tax returns to notices and balances, the platform grants you instant access to your business’s financial status as per the CRA. Gone are the days of waiting for mail surprises to show up at your door. 

Effortless Tax Filing and Payments

  1. Nobody *enjoys* tax season, but making sure you have access to your CRA My Business Account helps make it a little less painful. You can add your accountant as an authorized user, where they can file your taxes online, and review and adjust your return as required much more easily than using the mail system. 

Timely Notifications and Reminders

  1. Never miss a deadline or overlook an important update again! CRA My Business Account sends you notifications of filings, notices and audit inquiries. 

Bookkeeper Authorization: We’re in this Together!

You may wonder why your bookkeeper requests authorization to access your CRA My Business Account. Well, it’s a symbiotic relationship that benefits both parties!

By granting your bookkeeper access, they can seamlessly file GST and source deductions without an access code. They can file claims such as the CEWS, IFTA, and more. 

Your bookkeeper’s access to your CRA My Business Account enables them to cross-reference and verify data, ensuring correct payments are being made and any interest or penalties are being recorded correctly. They can spot potential errors before they become problems, saving you time, money, and headaches.

How to Sign Up for the CRA My Business Account

Intrigued? Let’s sign you up!

Getting started with the CRA My Business Account is as easy as 1, 2 3 (literally!).

  1. Before you embark on the sign-up journey, make sure you have:
    – your business number
    – your Social Insurance Number (SIN)
    – your most recent tax returns handy.
    *These details will help expedite the registration process tenfold! 
  2. Head over to the CRA website and locate the section dedicated to the My Business Account. You’ll find a user-friendly registration page that will guide you through the process.
  3. Enter the required information, create a secure password, and set up your security questions. Make sure to choose a strong and unique password to protect you and your valuable financial data!
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