Tax advice – Business: Pay your taxes online directly through your financial institution or directly to the CRA
OTTAWA, ON, October 13, 2021 / CNW / – Business owners, the Canada Revenue Agency (CRA) understands that your time is precious. We have online options to help you save time when paying your taxes.
Here’s how you can pay your business taxes online through your financial institution or directly to the CRA.
Pay by online bank
You can pay your business taxes to the CRA using the online banking app or your financial institution‘s website. Most financial institutions also allow you to set up a payment to be made at a later date.
How to pay your business taxes online:
Log in to your financial institution’s online business banking service.
Under “Add beneficiary”, look for an option such as:
Enter your 15-digit business number as the CRA account number.
Make sure the number is correct so the CRA can apply your payment correctly.
Be sure to visit the Make Payments for Business webpage for more information on paying taxes online for all types of businesses. This includes sole proprietorships, partnerships and corporations. You can find information on:
Make a payment to the CRA, collect and transfer payments to your accounts.
Remission of withholding taxes.
Remit (pay) GST / HST (including installment payments).
When you make a payment, the online banking app or your financial institution’s website displays the date your payment was made. It may take up to 5 business days for payments to be reflected in your CRA account. To avoid fees and interest, make sure you pay on time.
Pay by My payment
My payment is an electronic service that allows you to make payments directly to the CRA. You can use your VisaÂ® Debit, Debit MasterCardÂ® or InteracÂ® card online from a participating financial institution. You cannot use credit cards with My payment. You can access My payment from My Business Account or the CRA BizApp app. You can do this by clicking on the “Proceed to payment” button, then by selecting the option “Visa Â® Debit, Debit MasterCard Â® or Interac Â® online”.
Check with your financial institution about your transaction limit and the fees they may charge for making online payments. The CRA does not charge any fees for using this service.
Payments are usually processed by the CRA within 1 to 3 business days. To avoid fees and interest, make sure you pay on time.
For more information, see Pay now with My payment Web page.
Pay by pre-authorized debit
Pre-authorized debit (PAD) is a secure online self-service payment option that allows businesses to pay their taxes. You set the payment amount and authorize the CRA to withdraw it from your Canadian chequing account on the date (s) you choose.
The earliest payment date you choose must be at least five business days from the date your PAD agreement was created. See Federal Holidays for a list of non-working days.
Businesses can use PAD through IMPTNET GST / HST to pay a balance owing.
To create a DPA agreement as a business, you must register for My Business Account. Once logged in:
Select the “Proceed to payment” button. Next, select the option “Schedule one or more payments from a Canadian chequing account from 5 business days or more” to create your PAD agreement.
Select âManage Pre-Authorized Debitâ in the âSales and Commercial Servicesâ section. This will allow you to view, create, modify, cancel or ignore a payment.
You can also create a PAD agreement in the CRA BizApp. You can do this by selecting the “Proceed to payment” button and the “Pay later” option. Your credentials are the same as those for My Business Account.
Pay by credit or debit card, PayPal or Interac Electronic transfer
You can use a third-party service provider that offers payment by credit card, debit card, PayPal or Interac Electronic transfer. The third-party service provider will send your business payment and remittance details online to the CRA for you. Third-party service providers charge fees for their services.
PaySimply and Plastiq are third party service providers that you can use to make a payment:
PaySimply accepts debit cards, credit cards, and payment services. This includes Visa, Mastercard, Amex, Union Pay, PayPal and Interac e-Transfer.
Plastiq accepts debit cards and all brands of credit cards. This includes Visa, Mastercard and Amex.
You are responsible for ensuring that the CRA receives your payment by the payment due date. If you are using a third party service provider, you should clearly understand the terms and conditions of the services you are using.
Please make sure that you set up your payment well in advance of your payment due date. Delivery of payment is not immediate and is determined by the third-party service provider used.
Here’s how you can confirm that your payment has been received by the CRA:
1. Confirm your payment in My Business Account
Before checking if your payment has been processed, authorize:
Then log into My Business Account to view your payment details under “View and Pay Account Balance”.
2. Solve a problem with a payment
To verify your identity, you will need to provide additional information, such as details of an assessed tax return.
Other ways to make a payment
If these online payment options don’t work for you, don’t worry. You have several other payment options depending on the type of payment you want to make. Visit our Make a Payment for a Business webpage to find the best option for your situation.
SOURCE Canada Revenue Agency
See original content: http://www.newswire.ca/en/releases/archive/October2021/13/c4148.html