The Canada Revenue Agency (CRA) offers several online services to help individuals and businesses manage their tax affairs. If you’re a business owner or self-employed individual in Ontario, you may be wondering which service is best for you: My Account, My Business Account, or Ontario Business Registration. However, you don’t have to worry about making that choice on your own. CPA4IT can help you figure out which CRA service is right for you so that you can set up everything right the first time around. Using our decades’ worth of experience, we’ll take care of your income tax forms, document filing, and more so that your taxes are filed correctly and on time. Make sure to book a FREE consultation with one of our experts by clicking here.
To start, let’s take a look at each service and what it offers.
My Account is an online service offered by the CRA that allows individuals to view and manage their personal tax and benefit information. With My Account, you can do things like:
- View your tax return and notice of assessment
- Check your benefit and credit payment amounts and dates
- Change your address, phone number, and other personal information
- Set up direct deposit for your benefit payments
- Request a T4A (Statement of Pension, Retirement, Annuity, and Other Income)
- View your RRSP deduction limit
My Business Account
My Business Account is similar to My Account, but it’s specifically designed for business owners and self-employed individuals. With My Business Account, you can do things like:
- File your business tax returns and view past returns
- Make a payment or set up a payment plan
- View your business account balance and transaction history
- View and update your business contact information
- Set up or change your business’s reporting period
- Register for certain business-related programs, such as the Scientific Research and Experimental Development (SR&ED) tax incentive program
Ontario Business Registration is a service offered by the Government of Ontario that allows you to register your business with the province. This is a separate process from registering with the CRA, and it’s required if you want to do business in Ontario. With Ontario Business Registration, you can:
- Register your business name
- Register for a business number (BN)
- Register for provincial programs and services, such as the Ontario Sales Tax (PST)
- Set up payroll and employee health tax deductions
- Register for the Ontario Health Insurance Plan (OHIP)
Now that we’ve looked at the services offered by each service, let’s compare them.
Individual Vs Business
One key difference between My Account and My Business Account is that My Account is for individuals, while My Business Account is for businesses. If you’re self-employed or own a business, you’ll need to use My Business Account to manage your business tax affairs.
Business Tax Returns
Another difference is that My Business Account allows you to file your business tax returns, while My Account does not. If you’re a business owner, you’ll need to use My Business Account to file your taxes each year.
Ontario Business Registration
Ontario Business Registration is a completely separate service from the CRA’s My Account and My Business Account. While you can use My Business Account to register for certain business-related programs, such as the SR&ED tax incentive program, you’ll need to use Ontario Business Registration to register your business with the province. This is a separate process that’s required if you want to do business in Ontario.
In conclusion, My Account, My Business Account, and Ontario Business Registration are all useful tools for managing your tax affairs, but they serve different purposes.
If you’re not sure which one is best for you, CPA4IT can help you determine your best option. We’re here to assist you in navigating the complex world of taxes and business registration. We understand that managing tax affairs can be a daunting task, but with CPA4IT’s help, it doesn’t have to be. Our team of experienced professionals is dedicated to helping you every step of the way. Make sure to book a FREE consultation with one of our experts by clicking here.