Making online payments to CRA…a quick how to

Posted on: December 14th, 2011 by Real Estate Accountants

People often ask us what options they have for making payments to CRA. If you want to avoid a trip to your local CRA office, one option is to make online payments.

There are some restrictions when making online payments. For example, the banks from which you can make the payments are limited. As well, there are limits to the total amount you can pay each day. But this is definitely worth checking out.

  1. Go to the CRA’s web site: http://www.cra-arc.gc.ca/menu-eng.html
  2. Follow the instructions to make either instalment or tax payments on filing.
  3. About half way down the page, under “Links for businesses” select “My Payment” and it will take you to another screen.
  4. Then click the box that says “Start My Payment” and it will take you to another screen.
  5. Then click the box that says “Continue” and it will take you to another screen.
  6. Then under the title “Business” select “Corporation Income Tax (T2)” and it will take you to another screen.
  7. If you are making an instalment payment, then click the line that says “Interim” and it will take you to another screen. If you are making the payment identified on your corporate tax return then select “Payment on Filing” and it will take you to another screen.
  8. You will then have to enter in you corporate account number, the corporation year end that you want the payment to apply to and the amount. Then select “Continue” and follow the instructions.

And, that’s as far as our instructions can go as the next screens are available only to those making payments.  However, the next steps should ask you to confirm the transaction. Once you do that, you will be directed to your financial institution’s online banking page, you log in and proceed as you would to pay bills.  Once you authorize the funds transfer, you will be redirected back to CRA’s web site and you can print out a receipt.  If you are not redirected back to CRA’s web site, the payment service provider will present a default receipt. We always recommend printing the receipts for your records to prove the payment was made.

 

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