I hate paying taxes.
We all do, but doing so is one of the certainties of life. There is a bright side to paying your taxes, your proof of income filed with the government, in the form of your notice of assessment is one of the most preferred and rock solid proofs that you can afford a mortgage and pay a better-than-the-bank low rate.
If you’re like many of my clients and the thousands of other Canadians looking for a mortgage this year, you may find yourself in an awkward position, asking yourself, “Where the heck are my NOAs?”
I am writing this post for one reason: to help you get your NOAs as quickly and conveniently as possible. To this end there is a very valuable tool that you can use to access your NOAs and get a copy at home – your computer and internet connection!
Step 1: Navigate to the CRA’s Website on your Device (Computer, Phone, Tablet)
Go to the Canada Revenue Agency’s – My Account web page here.
On this page you will see that you have a choice to sign in through a sign in partner, or register with the CRA directly. If you are signed up for services with one of the partners, follow the instructions to log in to your account with that provider and then you will be redirected to the CRA webpage for further instructions. If you do not use any of the partners shown, click CRA Register, and sign up directly on the CRA website. You will need your Social Insurance Number (SIN) and your most recent tax return to sign up.
Step 2: Register and Confirm (Takes a few days)
Follow the on screen instructions asking you to confirm your private information to help prevent fraud. If you are successful, you will have to wait 5-10 business days for the CRA to mail you a security code to complete the last step of the registration process. When you open this piece of mail, simply revisit the CRA site, and input the security code to gain access to all your government documents at the CRA.
Step 3: Find your Documents and Other Resources Online
Once you have confirmed your account, you will have access to many CRA forms and documents.
Here is a great list of things you can do in this portal:
- Access/ Print your current and old tax returns and CRA assessments
- Set up direct deposits for GST/HST/Child tax benefits
- Pay your taxes online through pre-authorized debits
- Check any credits you are going to receive (GST/HST/Child tax benefits)
- Check for contribution room on your RRSP and TFSA accounts
- Change personal information like your address, marital status, or authorize representatives for your CRA needs
Links and information:
My account for individuals
Sign in partners for the CRA’s ‘My Account’:
- BMO Financial Group
- CHOICE REWARDS MasterCard
- TD Bank Group
To Register with the CRA for ‘My Account’ you’ll need
- Social Insurance Number (SIN)
- Past tax returns (usually last year’s)