Canada Revenue Agency has announced the acceptance of Visa® Debit cards for their My Payment service. This payment method launches on February 15, 2016. My Payment allows both individuals and business owners to remit CRA payments directly from their online banking accounts. Currently, the following banks are compatible with My Payment:
- BMO Bank of Montreal (personal accounts only)
- RBC Royal Bank
- TD Canada Trust
- Interior Savings
- The Police Credit Union
- Toronto Municipal Employees’ Credit Union
And many other Credit Unions!
This is great news for busy business owners. Here are some other ways you can save time by using CRA’s online services:
- Sign up for My Business Account
- Authorize a business representative
- Bank with a My Business Account sign-in partner (e.g. BMO, Tangerine, TD)
- File returns online
- Set up your income tax payments through your bank and remit monthly (also helps you avoid a huge tax bill in April)
- Use CRA’s pre-authorized debit service
Tax law isn’t the most straightforward, and the paperwork generated for CRA dealings can be daunting. The more of CRA’s online services you take advantage of, the faster and more efficiently you can operate.
However, what if you simply cannot stand (or understand) the forms, fees and payments required for your small business? If so, we introduce the biggest time saver of all: AF Accounting.
Does it sound like we are tooting our own horn? We are, unapologetically! The fact is, small business owners are very busy. They wear all the hats: the face of the business, the sales manager, the office manager and the one keeping production going, etc. They are responsible for keeping their employees motivated and paid. They are always hustling to stay on top of the demands of work while also carving out personal and family time. It can be very stressful and these owners need to save time wherever they can.
Partnering with AF Accounting takes a substantial amount of work off your plate. Since we exist primarily to service the small business sector, we know you may not yet be in a position to hire a full time accounting service. This is why we offer a-la-carte services such as virtual CFO, budgeting, forecasting and cash flow consulting, year-end management, cloud accounting and the big ones – tax advice and tax planning.
Think of it this way: what is your time worth? Are your hours better spent focusing on the parts of the business that come naturally to you? The parts you love? The reasons why you started the business in the first place? Or is your time better spent pouring over how-to manuals to ensure your CRA obligations are met, your payroll is done on time and you have enough savings to offset a slow month?
Save time – and sanity – by using CRA’s online services and save even more time and sanity (and therefore money) by letting AF Accounting handle your bookkeeping and tax planning needs.