Earlier this summer Canada Revenue Agency (CRA) made user-friendly changes to My Business Account. We are going to take a closer look – but first, let’s have a quick overview of My Business Account and why it’s so important for small business owners.
What is My Business Account?
My Business Account is CRA’s interactive online portal for companies with a business number. Here is where you can file GST/HST, manage aspects of payroll, transmit a corporate income tax return, file a for a refund of excise tax, view TFSA details and much, much more. If you don’t have My Business Account set up, you’ll have to call, email, or snail mail CRA, and those processes are known to be very arduous.
What’s New with My Business Account?
Recent changes to My Business Account include:
- The addition of the fuel charge
- The ability to open a non-residential tax account online
- Obsolete links in the menu have been removed
- The menu has been reordered
- Digital services have been added for charities
New Digital Services for Charities
One of the biggest changes to the site are the new digital services for charitable organizations. Features added on June 1, 2019, are:
- “Apply to become a registered charity or a registered Canadian amateur athletic association (RCAAA).
- Complete and file your annual T3010 Registered Charity Information Return.
- Update information about your organization, including addresses, list of directors, representatives, and several post-registration amendments.
- Upload supporting documents and correspond with the Charities Directorate about your registered organization account.
- Access payroll and GST accounts, file T4 slips, GST returns, and view your organization’s account balance, transactions, and remitting requirements.”[1]
To use the charity features, you must already be a My Business Account holder, and the director or trustee of a registered charity, Canadian amateur athletic association or national arts service organization. The charity can be added to your exiting account by using the “add a business” link.
Use the Tools that Make Your Life Easier
Running a business is not easy and one of the most common complaints of business owners is a lack of time. That’s why it’s important to leverage the tools available so you can save time, streamline your operations, and remain compliant with CRA. My Business Account is one of the best tools to communicate and file documents with CRA.
AF Accounting is another tool at your disposal. We understand the needs of small businesses in Canada and provide modern bookkeeping and accounting solutions to entrepreneurs. This means specialized services for e-commerce sellers on sites like Amazon and Shopify, cloud-based accounting through Xero, virtual CFO, tax advice and planning, year-end accounting and more.
To learn more about My Business Account, visit CRA online. To learn more about AF Accounting, visit us online and follow us on Facebook.
[1] https://bit.ly/2lQ28Pt
