Updates to the CRA’s Digital Services
This year has brought many updates to the CRA’s Digital Services which include new options for T3 trust returns and T1 adjustments. Over the last few years, there has been an increasing need for digital access to tax information and the COVID-19 pandemic sped that process up significantly.It has been developed by senior CRA officials, tax preparers, tax software developers and other key stakeholders. This modernization has made it much more accessible for taxpayers to access vital information on demand. Access CRA’s E-Services by clicking here at your convenience.
T1 Adjustments in CRA’s Digital Services
Taxpayers have already been using the EFILE and NETFILE services to file returns but now T1 returns can also be adjusted online and have their information updated or corrected. This speeds up the process from eight weeks by paper to around two weeks electronically. Submitting documents through this method will also become significantly simpler in the coming years as well.
Viewing T2 Notices
Business owners and their representatives using certified tax preparation software are now able to view corporate T2 notices via the Auto-fill my return feature. New updates of these softwares will continue to include this ability and will display a corporation’s recent notices including Notices of Reassessment for specific tax years.
Changes to Confirming a Representative
The CRA’s digital service was recently changed to require client’s to confirm or deny requests for client authorization within the MyBA portal. The representative needs to submit the signature page of a new client authorization through RAC and stays pending until the client confirms it. This added level of security ensures security for clients using services of any tax preparer.
Tax Accounts, Payments and Balance Updates
- More detailed views on individual transactions that make up assessments and reassessments.
- More details about transferred payments that include period-end and business numbers.
- Added a new column that clarifies whether a transaction is a credit or debit to an account.
- Restoration of transaction table entries for previous, interim and closing balances.
- Allowed access to closed accounts in MyBA to previous activities and balances.
Electronic Notices of Assessment
Most notices of assessment are being accessed electronically through the Canada Revenue Agency’s digital services but there will be changes in the future. Security is a major concern as always but it is a strong goal of the CRA to reduce the number of paper notices of assessments that are being sent out.
The New T3 Trust Return Process
With the newest updates announced this year to trust returns, there will be a greater need to submit information to the CRA. This update includes the addition of rules requiring certain types of trusts to have to report beneficial ownership information for future tax years, including 2022.
The digital CRA system already allows taxpayers to register for trust accounts but now also allows electronic filing options too. Future updates will include beneficial ownership information forms, T3A forms, allowing trustees and authorized representatives to view and update trust information online, enabling the authorization of trust representatives online and make sure the process is simple and accessible to all.
Find out more information on CRA’s Digital Services through the Canadian CPA website here:
Find Out More in CPA Canada’s Article on CRA’s Digital Services