5 things to check on your CRA account

1. Uncashed checks

The CRA reportedly disbursed approximately $1.4 billion in taxpayer refunds and benefits that remain uncollected. And they are honestly trying to give the taxpayers their money.

When you log into My Account, on the right hand side, there is a tile called Unposted Checks. Allows you to view unpaid checks that are at least 6 months old. These checks may include old tax refunds, but amounts like GST/HST credits or Regular Child Care Benefits are common.

I’ve become accustomed to checking it when I sign in for clients and find a stack of checks going back several years—checks that the CRA is more than willing to issue. You must sign a simple, one-page declaration with a witness and resubmit it to the CRA to receive a replacement check.

2. Accounts and payments

Down the left side of the navigation menu, you’ll see Accounts and Payments. Assuming you’re up to date, you should see an income tax balance of $0.00, but it’s common to see Available Payments as a credit you can claim against the tax you owe or issued as a refund.

These charges can come from a number of things, including a misapplied charge or a refund that wasn’t issued.

If you regularly owe taxes and make installments, you can also confirm your requested quarterly installments were paid.

3. Shipping costs

If you click on Tax Returns on the home page or on the left side of the navigation menu, you can see information about previous tax filings. Scroll down and you will see a section called Carryover Amounts.

Click View Carryover Amounts for information about capital gains and losses, education and tuition rates, the Canada Training Credit, and other deductions and credits. Especially if you are doing your own tax return, there may be amounts here that could result in a potential tax refund.

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4. Profile

Also available in the navigation menu is your profile. You can click on it to see information about your tax profile, and it is wise to make sure that all the data is current.

Here you can add or edit your direct deposit information, and confirm or edit your authorized representatives (usually your accountant or former accountant), notification preferences, and security settings.

Security settings allow you to manage your CRA user ID, password, multi-factor authentication settings, and personal identification number. Two-factor authentication helps keep your social insurance number and tax data safe.

5. Mail

If you receive your CRA letter electronically, you will need to log in to receive your CRA email. Even if you haven’t already done so, you can check Mail under the Correspondence section in the left navigation menu.

People sometimes miss CRA mail, and it can be important. Your Canada Carbon Credit Notice or your Statement of Account showing a zero balance may not require action, but the CRA often requests information to support a claim on your tax return, or it may contain useful information in the Notice of Assessment for your next tax return.

Summary

The CRA has a lot of tax information on its online portal. As part of their transition to less paper mail and more electronic communication, it’s important to get used to using CRA My Account. If you’re lucky, you might dig up a usable carryover amount that could save you a tax, or a check you missed cashing in the past.

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About Jason Heath, CFP

Jason Heath is a fee only, Certified Financial Planner (CFP) only at Objective Financial Partners Inc. and Objective Tax & Accounting Inc. in Toronto. He does not sell any financial products.