Tax Tip Thursday

Someone very pertinent things going on at the CRA these days!

And all very connected

TFSA balances

Well it appears that the CRA has finally sorted out the TFSA online balances and they are available in your MYCRA account!!!

BUT … BE CAREFUL!

As always – with the CRA – it might NOT be right.

TFSA contributions and withdrawals identified in the MYCRA account are only as good as the information provided by the institutions providing the information.

Sooooooooooooo if you made a TFSA contribution or withdrawal through your institution of choice and they did not get the information to the CRA – then your online balance is wrong.

Please stay on top of it yourself to avoid 1% penalty per month for over contribution!

The maximum since the start of the program is $102k. The annual limit this year is $7k

Business Correspondence with the CRA

Effective immediately, the Canada Revenue Agency (CRA) has transitioned to online mail as the default method of delivering most business correspondence. This means you will start receiving most of your business notices and other correspondence through CRA’s secure online portal, My Business Account, instead of by mail.

This change applies to:

• All new business number and program account registrations
• All existing businesses registered for My Business Account and
• All businesses who have given online access to a representative to view and/or modify information on their behalf via Represent a Client

Things you have to do to ensure less problems for yourself.

1. Make sure your email is up to date with CRA
2. If you do not have access and DID have access at one time – get access again – very important
3. Make sure if you open a business (corp OR HST) that you register for your MYCRA account
4. Make sure you monitor your account!

If you do NOT want your correspondence to all be through your MYCRA account, you can apply to change it to paper

If you would like to receive your correspondence by paper mail, you’ll need to make a request to activate paper mail. The request can only be made by an individual with signing authority such as an owner or director or legal representative.

You must keep your mailing address up-to-date to ensure you receive all correspondence. Any undeliverable mail will result in a change back to online mail. To keep receiving paper mail you will need to make a request to activate paper mail every two years.

Effective immediately, paper mail can only be requested in one of two ways:
1. In the business account of your CRA account
2. Fill out and mail form RC681 – Request to Activate Paper Mail for My Business

We can help you navigate your CRA account!  Make An Appointment today!

Disclaimer:

This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal or tax advice nor can it or should it be relied upon. All tax situations are specific to each individual. If you have specific tax questions you should book an appointment for a 1 on 1 consultation.