Making payments to the CRA doesn’t have to be a daunting task. Here are at least three convenient methods to ensure your payments are made on time and hassle-free:
1. Online Banking/money transfer:
Utilize your online banking platform by adding the CRA as a payee. The array of options offered may vary, depending on your financial institution and the type of payment you need to make. Use your social insurance or business program number as your account number. This method offers convenience and security, allowing you to schedule payments according to your financial timeline. The CRA tells you here, what you can and cannot pay online.
2. Bank Remittance Slip:
For those who prefer a more traditional approach, take advantage of your bank’s or credit union’s services. Bring your CRA remittance slip, and the teller will assist you in processing your payment. This method ensures accuracy and provides a paper trail for your records. NB: The CRA tells you here, what you can and cannot pay using this method.
3. Debit card via My Payments at CRA:
Need to make a quick payment? Opt for the My Payments service provided by the CRA. Simply visit the CRA “Make a payment,” and follow the prompts to pay using your debit card. It is the fastest option available, ideal for those who need to meet deadlines promptly.
4. Pre-authorized debit:
Shhhh. You don’t always have to talk to them! Certain situations allow you to make a payment arrangement and schedule a series of payments all online through your My Account or My Business Account. If you have a CRA representative such as a bookkeeper or accountant, ask them about setting it up for you in their Represent-a-Client portal. For personal income tax debt, you can use their automated service – TeleArrangement (866) 256-1147 – to make your own arrangement.
Regardless of the method you choose, staying proactive and timely with your tax payments is crucial to avoid penalties and interest charges. With these convenient payment options, you can streamline the process and focus on what matters most – managing your finances effectively. Learn more.
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