Mar 10, 2025
Running a sole proprietorship, a family-owned business, or any other type of Canadian business comes with many responsibilities, and managing business income and tax liability is a major one. Thankfully, the CRA My Business Account (MBA) is designed to simplify tax compliance, payroll, and other government initiatives. But did you know that beyond the standard tax filings, there are hidden features that can save you time, improve cash flow management, and even help you avoid penalties?
Here are some lesser-known but handy features of the CRA My Business Account that can make your life easier.
1. GST/HST Payment Updates
If you’ve ever paid your taxable supplies (GST/HST) and wondered when it will reflect in your account, the CRA MBA now provides updates on payment status.
How to Access It:
- Log into your CRA My Business Account
- Go to GST/HST accounts
- Click on View Transactions
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2. Pre-Authorized Debit for Tax Payments
Tired of manually scheduling tax payments? The CRA lets you set up pre-authorized debits (PADs) directly through the portal. This means your business-related expenses (corporate, payroll, or GST/HST taxes) can be automatically withdrawn on the due date, avoiding late penalties and helping with cash flow.
How to Set It Up:
- Under the Payment section, select Manage Pre-authorized Debit
- Enter your banking details and payment schedule
- Confirm and submit
3. Delegating Access to Your Accountant or Bookkeeper
Did you know you can grant secure access to your accountant, bookkeeper, or business confidants without sharing your login credentials? This feature is crucial if you work with financial institutions or professionals managing your business expense tracking and tax bracket calculations.
Benefits:
✅ Your accountant can file returns, make adjustments, and view balances on your behalf
✅ You maintain control over what they can and can’t do
✅ It reduces errors and speeds up compliance tasks
How to Add a Representative:
- Under Profile > Manage Authorized Representatives
- Click Authorize a Representative and enter their details
- Set permission levels and submit
4. Requesting a Refund for Overpayments
Overpaid your corporate taxes or GST/HST? Instead of waiting on hold with the Canada Revenue Agency (CRA), you can request a refund directly through the portal. This ensures that your business gets reimbursed quickly, which is especially important for small businesses, e-commerce businesses, and Indigenous businesses managing annual revenues.
How to Request a Refund:
- Navigate to Account Balances and Transactions
- Select the account with the overpayment
- Click Request a Refund
5. Instant Access to Notices of Assessment and Reassessments
No more waiting for paper copies in the mail! Your corporate tax Notices of Assessment (NOAs) and Reassessments are available digitally as soon as the CRA processes them. This is essential for tracking taxable income, ensuring compliance, and understanding where you fall in the revenue threshold.
Where to Find It:
- Click on Corporation Income Tax (T2)
- Select View Notice of Assessment/Reassessment
6. Filing Adjustments for Past Returns
Made a mistake on a previous tax return? Instead of mailing in a correction, you can submit an online adjustment request directly through the portal. This speeds up the processing time and helps avoid interest on underpayments while ensuring accurate deductible expenses calculations.
How to File an Adjustment:
- Go to File a Return or Make an Adjustment
- Select the applicable tax type (GST/HST, corporate, payroll)
- Submit the necessary corrections
7. Tracking Payroll Remittance Balances
If your business has employees, managing payroll remittances can be a hassle. The CRA MBA allows you to track exact amounts owed and payment due dates, ensuring smooth client interactions and maintaining strong business relationships.
Where to Find It:
- Click on Payroll Deductions
- Select View Account Transactions and Balances
Take Advantage of These Features & Save Time
Most business leaders only scratch the surface of what the CRA My Business Account can do. By leveraging these hidden features, you can save time, reduce stress, and improve your financial health.
At MESA CPA, we specialize in helping creative business owners, online businesses, and Canadian businesses streamline their business activity processes. If you need assistance setting up your CRA My Business Account, managing payroll, or ensuring tax compliance, book a free consultation with us today!
As part of the Government of Canada’s Action Plan on Open Government, businesses have better access to business data and information owners, ensuring seamless client experiences. If you have a service complaint or need help with a formal dispute, you can use the business enquiries telephone lines provided by the Canadian government for quick resolutions.
Let us help you maximize your Input Tax Credit, claim refundable tax credits, and navigate your contract for services efficiently with tools like QuickBooks Online. Reach out today!
