How to do taxes online canada
Pay taxes online fast and easy
Pay taxes online fast and easy with Interac ® Online FAQ About My Payment
How to pay taxes online fast and easy with Interac Online
It's tax time. And now there's an easier way to pay taxes online. Interac Online allows individuals and business owners to make secure online tax payments directly from their bank account, and is now accepted on the Canada Revenue Agency’s website (CRA) through My Payment.
All you need is access to online banking with a participating financial institution - no set-up, no stamps, no running around - it's simple and secure.
- You don't need to enter any personal financial information, including card and account numbers.
- My Payment simplifies accounting because the transfer is immediate.
- Your CRA account will be credited on the day you make your payment or the following business day.
- The CRA does not charge any fee for using the My Payment service.
- Send multiple CRA payments in one online transaction to the CRA.
- Make a CRA payment from either a personal account or most business accounts.
Pay various types of taxes when e-filing, including payments from individuals and businesses for income taxes, payroll source deductions, excise, GST/HST, and more.
Interac Online is available to customers of BMO Bank of Montreal, RBC Royal Bank, Scotiabank, and TD Canada Trust, and can be used at more than 700 online merchants and organizations across Canada.
1. What is My Payment?
My Payment is an electronic payment service, accessed through the CRA Web site, that allows individuals and businesses to send payments directly to the CRA from their online banking account when filing income tax online.
2. Who can use My Payment?
The My Payment service is currently available to Canadians who do taxes online, who have online banking accounts at financial institutions using Interac Online services.
You must have access to sufficient funds, and the transaction total must be within your financial institution’s withdrawal limit for online banking.
3. Is My Payment available through my financial institution?
At this time, the service is only available to users with online banking accounts at the following financial institutions:
- BMO Bank of Montreal (personal accounts only)
- Envision Financial
- Libro Credit Union
- RBC Royal Bank
- TD Canada Trust
4. My financial institution isn’t offering the My Payment service. Why is that?
To participate in My Payment, the financial institution must have an agreement with Interac Online, allowing its clients to send money to any merchant or organization that is accepting Interac Online payments.
5. What if my financial institution doesn’t allow me to use My Payment?
There are a number of ways to make payments to the CRA, including other online banking methods. See the various payment options available on the CRA website.
6. Why should I use My Payment?
- My Payment is a quick, easy, and secure way to send money instantly for payments to the CRA.
- My Payment simplifies accounting because the transfer is immediate. There is no need to pay early to make sure your payment arrives on time or to monitor your account because of an outstanding cheque.
You can make payments to the CRA from your bank’s online banking site, just as you pay your other bills. However, My Payment can offer advantages for individuals and business owners.
- You can send multiple CRA payments in one online transaction to the CRA.
- You can make CRA payments that may not yet be available through your online banking service (e.g. Child and Family Benefit amount owing, Non-Resident withholding tax).
- You can make a CRA payment from either a personal account or most business accounts.
- You can make CRA payments to business revenue lines (payroll accounts, corporation income tax, etc.), which are
generally not possible from a personal account at a financial institution.
- Your CRA account will be credited on the day you make your payment or the following business day, see FAQ 15 below.
From the CRA My Payment Web site application, you:
- Select the CRA remittance type that you wish to pay.
- Enter the relevant payment details (this can be done multiple times for multiple CRA accounts).
- Confirm your transaction details.
- Select your financial institution and log in to your online banking service with your usual banking authentication credentials.
- Confirm the payment through your financial institution and you will be automatically re-directed back to the secure CRA session.
- A confirmation page including a receipt will be displayed.
Most types of individual, business, and corporate payments are available as remittance options; see Remittance types on the CRA website.
10. I want to pay the amount owing on my British Columbia Family Benefits account and I don't see the program listed.
All provincial programs are included under the Canada Child Tax Benefit Program. A payment directed to the CCTB will be applied first to any amount owing under the provincial programs and then to any amount owing under the federal program.
11. Is My Payment secure?
Yes. My Payment is secure for a number of reasons:
- You don't need to enter any financial information, card numbers, or login information on the CRA Web site.
- The payment is completed through your existing online banking service.
- No personal information is exchanged over the Internet between the CRA and your financial institution.
The CRA does not charge any fee for using the My Payment service. My Payment also allows a number of separate payments to be included in one transaction. Your financial institution processes the payment and may charge a fee for this service, or it may be part of your banking package. Contact your financial institution to ask about any fees.
If your financial institution charges a transaction fee, it will be charged only once regardless of the number of payments included in the transaction.
13. Can non-residents use this service?
Yes. However, non-residents must remit their payments in Canadian funds using a participating financial institution in Canada.
14. What information do I need to enter into My Payment?
The application will guide and validate your data as you progress step by step. You will need to enter the following information:
- your SIN or CRA account number;
- the remittance type and allocation; and
- the amount you want to pay.
- You may also need to enter the following information:
- reporting period or tax year to apply the amount to; and
- gross or assessable payroll and number of employees.
Payments made on weekends and statutory holidays will be recognized as having been made on the following business day. Payments made on a regular business day will be recognized as having been made on the same business day.
16. How can I be sure my transfer was successful?
Immediately after successfully completing the transaction, a confirmation page that includes a receipt will be displayed. You should save or print the confirmation page for your records in the unlikely event that the payment is not reflected in your CRA account; a CRA representative can use the information it contains to trace your payment.
17. Why did I receive a message telling me that the application is unavailable?
Various messages are displayed when the service is not available due to system maintenance, service outage, or technical difficulties beyond our control.Source: www.interac.ca