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In Canada, every individual, business, and company must pay taxes to the Canadian Revenue Agency (CRA) on time. CRA has created an online payment platform, My Payment, which allows individuals to pay their taxes automatically.
Visit any Canadian financial institution or use My Payment Service to pay your taxes. Some of the taxes you can pay include Individual Income Tax, Child and Family Benefit Payment, Excise Tax, Tax on Insurance Premiums, Corporation Income Tax, Goods and Services Tax, and other types of taxes. This article gives you a guideline on how to pay your taxes to CRA without having to visit the institution.
How to pay your taxes to CRA
1. Using My Pavement Service
My Payment is an online service that you can use to pay any tax to the CRA. It is automated and real-time, allowing you to remit your taxes from any place in the country. To pay your taxes to CRA using My Payment, you must have an account with TD Canada Trust, RBC Royal Bank, Scotiabank, or Bank of Montreal.
My Payment limits you to the amount you can transact while paying the taxes. You can only transact within the daily withdrawal limits specified by your bank. If you want to pay Personal Tax on My Payment:
– Visit the CRA website
– Click on “Start My Payment”
– Select Individual Tax (T1) under the “individuals section.”
– Fill in the required details
– Click “Next”
– Go to your bank account to pay the taxes
2. Use a remittance voucher
You can pay your taxes to the CRA via your financial institution. Visit your bank and get a money order or check. Fill in the details and attach a valid remittance voucher on the money order before submitting it to the CRA. You can get a valid remittance voucher from the CRA by calling or using My Account Tax Service.
When using this service, do not forget to include your Social Insurance Number on the money order or check. Attach a special note on the money order with instructions on the payment you are making if you do not have a valid remittance voucher.
3. Use Telephone Banking
The same way you pay other bills using your phone, you can also pay CRA taxes. Use your telephone or online banking to pay taxes on CRA. To pay by telephone banking:
– In the list of payees, select Receiver General or CRA
– Select the types of account you are using to make payment
– Insert your Business Number or Social Insurance Number (For Individual Tax)
– State the period for tax payment
If you are stuck on the way, you can always contact your banking institutions for assistance on making an online payment to CRA.
Paying your taxes in Canada is simplified by the various methods available to remit your payment to the CRA. You can use your financial institution or do it yourself with My Payment service. The tips given here should help you pay your taxes on time to avoid the penalties the CRA may impose on you for late payment.