As we approach the end of February, my team and I are finalizing a lot of T4s for our clients. One question that we repeatedly ask is “How much did you pay in 2013 for Source Deductions?”. Quite often we are left waiting for the answer while our client rummages through some unopened mail looking for that last payroll remittance form showing the December remittance and the total for the year. And that is if the client still receives those remittance forms from the government – something that is being phased out.
What we have been suggesting is to have our clients sign up for the My Business Account on the CRA website. The process is a little inconvenient, you will need to have personal information such as your prior year’s T1 Personal Tax Return etc., however, the end result is well worth it. There is also an option to sign up using the same sign on credentials you have with your bank. Once registered you will be able to set up all the companies that you are linked to via the Business Number.
The CRA has done a really good job with their website and the My Business Account section. From it you can review account balances, submit returns, view correspondence as well as many other features for all your government accounts, payroll, HST, Corporate Tax, Personal Tax etc. An dthe best part is, you will be able to find all those account balances and return status that your bookkeeper or account ask for at a click of a button.
To sign up, go to: My Business Account