A great way to keep track of everything that relates to you and the Canadian government is to set up My Account on the Canada Revenue Agency (CRA) website. So, rather than having to shuffle through a million papers when you need to find something, you can just go online and find the information easily.
What are the benefits of using My Account?
1. Tax Refund or Taxes Owing: My Account is a great place to look up how much income tax you should be expecting in the form of a refund, or alternatively, how much tax you owe and when it is due. By looking it up online, you will be able to see this information much more quickly instead of having to wait to find out when it is mailed to you.
2. Direct Deposit Information: You can set up direct deposit information through My Account so that you can receive your income tax refund and other benefits directly into your bank account rather than having to wait for a cheque to be mailed to you. By setting up direct deposit, you save yourself time and you get the money sooner. You can also make changes to existing direct deposit information through My Account.
3. RRSP & TFSA Information: You will be able to view your RRSP deduction limit as well as your TFSA contribution room on My Account. If you have made use of the Lifelong Learning Plan or the First Time Home Buyers Plan, you can also view information about these programs on My Account.
4. Address Info: My Account has a section that allows you to change your address if you move. This way you ensure that any important documents sent from the government are mailed to you correctly.
5. Applying for Benefits: You can apply for a variety of government benefits through My Account including child care benefits, disability benefits, etc.
6. View your tax returns: My Account also allows you to view your income tax return and submit modifications to your returns when necessary.
There are many other features that you can take advantage of when you set up My Account. For more information on My Account, check out the CRA website.
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