For many of us, ‘Canada Revenue Agency’ (CRA) are 3 words we deal with every April, and then try not to think about for the rest of the year.
Over the past 5 years however, CRA has beefed up their online service and can now provide valuable information with a few clicks of a mouse. If you haven’t done so already, sign-up or sign-in to My Account. This is CRA’s secured website and it’s amazing the improvements they have made. You can create your own log in, or sign in through your current secure banking services.
What is there to see? Initially, this was a site used for basic CRA services and gave only partial tax information. We used to suggest clients find their RRSP carry forward, but now there is so much more.
CPP Information – it will help you apply, show you the dates of payments and the amounts
Tax Filling – all T1 generals are now here.
Tax Remittance – if you are on instalments you can now set up payments to be paid from your bank account on this site
Tax information Slips – Tax slips issued by employers, T5 statement of Income, T3s, contribution receipts, T4RIF/RSP
RRSP and Savings plans (TFSA) – all transactions and available contribution room are reported annually
In financial planning, it’s important to have all the information. This is a great resource to have available annually when updating your financial plan.
** I have prepared this commentary to give you my thoughts on various investment alternatives and considerations which may be relevant to your portfolio. This commentary reflects my opinions alone, and may not reflect the views of National Bank Financial Group. In expressing these opinions, I bring my best judgment and professional experience from the perspective of someone who surveys a broad range of investments. Therefore, this report should be viewed as a reflection of my informed opinions rather than analyses produced by the Research Department of National Bank Financial **