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CRA MyAccount: Quick access to your tax returns, RRSP and TFSA room and more

Your step-by-step guide to getting your key information in minutes
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Dave Lee, Senior Wealth Advisor with Scotia Wealth Management in White Rock.

How much TFSA contribution room do you have? Do you know your RRSP contribution room or your minimum RRIF withdrawal? And can you find your latest notice of assessment if a financial professional asks for it?

Whether you’re saving for your first home or keeping on top of tax instalments in retirement, it’s much easier if you have ready access to the important numbers.

“Most people assume the only way to get this information is by calling various government departments and spending several lengthy waits on hold. So clients are often pleasantly surprised to find that the government has done a decent job of creating a portal that provides access to relevant information simply and easily,” says Dave Lee, Senior Wealth Advisor with Scotia Wealth Management in White Rock.

MyCRA: Here’s how it works:

  1. Click here, or Google “MyCRA” to go to a page titled “My Account for Individuals.”
  2. Scroll past the latest information notes to the various options to sign in. If you already use online banking, Option 1 is great: Using one of our Sign-In Partners.
  3. Simply click your bank or credit union’s logo and it will take you to the same log-in page that you use any time you’re banking online.
  4. On your first visit you’ll be asked to input several key numbers from last year’s tax return, in addition to basics like your name, address, birthdate, etc. In fact, the most challenging thing about accessing the information on the CRA site may well be finding last year’s return. But you only have to do this once.
  5. Next, you’ll get a request for two-factor authentication, and that’s it.

This gives you basic access to your tax return and notice of assessment, accounts and payments, benefits you qualify for, tax refunds, plus your RRSP deduction limit and TFSA contribution room. There’s even a history of your correspondence with CRA over the years and an estimated timeline for any pending items they haven’t completed yet.

Armed with these essential numbers, you’ll be in good shape to discuss your goals with your Financial Advisor, and if you have cash to save or invest, you’ll know what room remains in these valuable financial planning tools, Dave notes. “It’s empowering for people to have this information and the site brings a lot of useful information together in one place.”

Dave Lee CIM, CFP, FCSI is a Senior Wealth Advisor with Scotia Wealth Management in White Rock. He can be reached at dave.lee@scotiawealth.com or 604.535.4743.

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