This article is about the importance of exploring how every small business owner could benefit from signing up online for their My Business Account.
Are you aware of what is going on with your Canada Revenue Agency (CRA) accounts? Many small business owners are not aware of the services CRA has to help your business, often relying on their external accounting firm or Canada Post for correspondence. Signing up for a ‘My Business Account’ is an easy way for owners to stay current and make changes, as necessary, to their CRA accounts. In this article we are going to explore 5 important reasons every small business owner can benefit from signing up online for their ‘My Business Account’.
Update Business Information
On the ‘My Business Account’, owners are able to log in and manage their company information. This includes managing company information such as the business address, owner contact information and direct deposit information. The most important item in this section is the ability to update authorized representatives. The business owner can authorize or remove representatives without having to sign forms, submit to the CRA and then wait for the changes to be made. If you’ve ever dealt with the CRA before, you will know that efficiency is the key to saving valuable time.
Even if a business owner has a bookkeeper or accounting firm filing their GST, there are several items in this section that are useful since the owners are ultimately the ones responsible for the filing of the corporation. The section on, “Expected and Filed Returns,” is particularly useful. It contains a listing of returns previously filed, along with the filing details. It also includes the next two GST returns to be filed and their due dates as reminders. Additionally, in this section you have the option to adjust a previously filed return.
While most business owners have their external accountant file their corporate tax return due to its complexity, this section highlights for the business owners the ability to view and pay the account balance along with status on tax returns that have been filed.
Payroll cannot be filed in your ‘My Business Account’, however, business owners can still view payroll account balances, remitting requirements and have access to PIER (Pensionable and Insurable Earnings Review) reporting. This report displays any discrepancies between the amount of CPP (Canada Pension Plan) contributions and EI (Employment Insurance) premiums remitted for the year and that are calculated by the CRA.
Covid-19 and Other Government Subsidies
With all the COVID government subsidies available, the ‘My Business Account’ service has become very important to business owners. For these programs, the only filing options at this time are through either the ‘CRA Represent a Client’ or the ‘CRA My Business Account ‘selections. If you don’t have a representative with online access, it may be up to the business owner to file these subsidies.
The Government of Canada subsidies that can be applied for on the ‘My Business Account’ are the Canada Emergency Wage Subsidy (CEWS), the Temporary Wage Subsidy (TWS), and the Canada Emergency Rent Subsidy (CERS).
While business owners may not use their ‘My Business Account’ very often, there are several functions that they may find useful. Examples such as the ability to view and update their relevant information, pay and view taxes, payroll services and apply for subsidies are extremely helpful, plus they can save you time and money. So, it just makes sense to have a ‘My Business Account’ with the CRA and understand the convenience it offers, allowing you to take back some control and ownership of your business leaving more time for yourself.
Download this resource article Why All Small Business Owners Should Have a My Business Account With CRA (pdf).