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There are instances when you cannot make decisions for yourself. These instances include being in extreme medical or psychological conditions. In these cases, you can authorize someone else to make financial decisions for you. Of course, rules are different for each province and territory for these kinds of cases. There are also different names of documents used to authorize someone to act for you. Some provinces call this document “power of attorney for personal care or for property.” Others simply call it a “representation agreement.” Quebec calls it a “mandate in case of incapacity.”But even if this document is called many...
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After you have authorized your representative and the CRA has processed your request, it is still your responsibility, as a taxpayer, to:- Monitor and understand the transactions your representative completes on your behalf. Be aware of all the transactions your representative made and will make. Most importantly, make sure you are always aligned with your representative on what the expected end results of these transactions will be. - Make sure the information about your representatives is up-to-date with CRA. - Cancel the authorization for any representatives you don’t need anymore. - If you think your representative is not acting in your...
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You can authorize your representative with the CRA online (using My Account for Individuals) or by mail. If you send your authorization by mail, make sure:- You have a valid account number with the CRA;- CRA has your current mailing address;- You have read the instructions before completing Form T1013, Authorizing or Cancelling a Representative;- You fill out a separate form for each account and for each representative;- You or your legal representative has signed and dated the form. You can send your form to your tax centre listed on your notice of assessment or notice of reassessment. You will need...
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In this blog, we will be discussing the different levels of authorization you can choose from when authorizing a representative with the CRA. By choosing the level of authorization, you are able to control the type of access the CRA can give to your representative. LEVEL 1 – Disclose informationA level 1 authorization will allow your representative to access the following information:- Information given on your T1- Adjustments made to your T1- Information about your registered retirement savings plan, Home Buyer’s Plan, tax-free savings account and Lifelong Learning Plan- Your accounting information such as balances, payments, instalments and transfers- Information about...
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