SIN to Tax Refund: Navigate Government Information Online

Up Close And Personal

Is there any truth to the belief that big brother is always watching you? Consider that from the day you get your social insurance number (SIN) you are marked and in the system. Any dealings with the government will forever be tied to your SIN and on record. So, how can you keep up with “the man”?

The government now makes it easy and accessible to see what information they have on you. This inside information includes your taxes, benefit usage, Canada Pension Plan contributions, government pension payouts, Registered Retirement Savings Plan contributions and available contribution room, and Tax Free Savings Account contribution room. There are two online accounts I insist on having access to because they provide quick and valuable information.

CRA MyAccount and Service Canada Account

First is the CRA MyAccount which covers any and all tax information and allows quick and efficient tax filing. Second is the Service_Canada account which details Federal information such as Canada Pension Plan and Old Age Security details.

Despite the availability of all this inside information many people simply don’t take the opportunity to get up close and personal with the government and set up their online access. It’s definitely to your advantage to know this information. For one thing it makes your yearly tax filing infinitely easier having an online tax account.

Benefits of Email Access

With email access you’ll know quickly if your tax assessment was flagged for problems such as undeclared income or possible penalties. Secondly, many people want to know the information that is now readily available online. Ever wonder what your current lifetime Canada Pension Plan contributions are? Look it up in your Service Canada account. Not sure if you qualify for Federal or Provincial benefits? Your CRA MyAccount will show if you did qualify, your previous payments and a schedule of future payments.

Quick Access to CPP and OAS

Most people now understand the fastest way to get a tax refund is to be registered online with the Canada Revenue Agency and link their banking information to their account. This is the main incentive for setting up the account in the first place. But there is also a wealth of information located in your account if you take the time to explore. Similarly a service Canada account provides access to Federal information you may have wondered about over the years. When you do approach age 65 this is where you’ll apply for your Canada Pension Plan and Old Age Security.

It simply makes no sense to ignore this very important information that is readily available to us all. In an age where everyone wants to be connected online why not make sure you have tabs on the government so you don’t ever get blindsided? This is the information I want and expect to have close at hand. There’s no excuse for you not to expect and deserve the same. Any sensible financial plan requires this information and thanks to the internet age it is easily accessible to you.

In my E-books (“Water Barrel” and “The Balance”) I discuss simple methods to live sensibly for today, take charge of your financial affairs, and invest safely for the long term. For more information please visit David Penna Amazon.

As always, I am not a qualified financial advisor. I just relate financial management to my own experience which may not resemble yours at all. Advice is frequently worth exactly what you paid for it. Most of mine came from expensive experiences.