Working remotely and outsourcing departments presents challenges in efficiency and security. Take advantage of the digital tools available to help your business manage its taxes. They save time, expedite processes, and improve communication within organizations and between bookkeepers, accountants, controllers, and business owners. Clients of SB Partners are encouraged to use the Client Portal. In addition, registering for a CRA MyBusiness account to move information online is recommended.
What is a CRA MyBusiness account?
The CRA MyBusiness account is a great way to manage GST/HST, (except for GST/HST accounts administered by Revenu Québec), payroll, corporation income taxes, excise taxes, excise duties, and more. It is a secure, online portal that allows business owners and authorized representatives to access the account for real-time information. For a full list of the services available through the CRA MyBusiness account, visit the CRA website.
How to open a CRA MyBusiness account
Opening a CRA MyBusiness account is easy, requiring a CRA user ID and password. If you don’t have one you can register for one. Once your account has been established, you may use a Sign-In Partner as your login, this allows you to use login information that you already use regularly such as your online banking login. If you do choose to use online banking, please note that it is the sign-in information only. The CRA does not share information with your bank, and your bank does not share information with the CRA. Setting up a CRA MyBusiness account is fast, easy, and the service is available 24/7.
Benefits of a CRA MyBusiness account
Using a CRA MyBusiness account offers several benefits. Here are our top three:
- Improved communication with the CRA – Business owners (including partners and directors) and representatives can access and manage business-related information in real time. You can send and receive secure messages, download important information and documents such as notices of assessment, and check account balances.
- Make payments and receive refunds faster – Filing tax returns and reporting/remitting GST/HST and more are fast and easy to do through the account with pre-authorized debit and credit cards. By using this service, returns and refunds are processed faster giving you more time so you can stay focused on running your business.
- Improved account management – You can link multiple businesses to a single CRA MyBusiness account reducing the amount of time required to switch between accounts. There is also improved access to grants, funding, and more. All communication through the account is secure and encrypted. Through the CRA MyBusiness account, you can also update and manage contact and business information online. There is no cost to register and use an account.
Whether your team works remotely or maintains offices, speed, and security remain constant concerns. Keeping on top of tax reporting, remittances, and refunds is an important element of tax planning. Leveraging tools such as the CRA MyBusiness account is an effective way to keep current and improve communication between your business, accountant, and the CRA. More information on a CRA MyBusiness account or the SB Partners Client portal can be found online or by contacting SB Partners.