How to Pay Your Taxes on Time
Tick tock! Time is running out to pay your taxes on time. This year’s deadline is April 30. Not only is that the filing deadline, it’s the date your outstanding balance must be paid too. If you file and/or pay late, you will be subject to fines and penalties, and they can add up fast.
If you have procrastinated and find yourself with your assessment right on April 30th, there are some easy ways to make sure you pay your taxes on time. Canada Revenue Agency (CRA) will accept the following:
Pay Your Taxes on Time with Online Banking
Paying CRA online is as easy as paying any other bill on line. Call your banking institution, or follow your bank’s online instructions for adding a payee, and have CRA added to your list. Be very, very careful when supplying your account number; a wrong account number means misplaced payments, and those take a long time to sort out. Also, if your payment is misplaced due to your input error, you are not excused from the fines and penalties you will incur from your payment becoming late.
Pay Your Taxes on Time with Interac Online
CRA My Payment is a handy way to take care of your tax, and other payments you owe the institution. It’s for debit payments only – credit cards are not accepted. You’ll need to set up My Payment in advance, but one you do, you can remit GST (handy for business owners) and pay your taxes with ease. You just need a debit card and a participating finanical institution to take part in this convenient way to pay your taxes on time.
Pay Your Taxes on Time with Pre-authorized Debit
If you are required to pay installments, or if you want to pay your bill over the course of the year to avoid a huge lump sum owing in April, you can set up pre-authorized payments. You’ll set this up with your bank. Choose the payment amount and the date you want it to come out of your account. Remember, CRA and your bank work during business hours only. If the date falls on a Sunday or a holiday expect the payment to come out the next business day.
Pay Your Taxes on Time through a Professional Service
Some accounting or finanical service providers will pay your taxes for you when you give them all the details they need to make a payment on your behalf. When taking advantage of this option, be very sure you can trust the organization. You’ll be giving up key and personal data that makes it easy to steal your identity and to view your tax records. Only use this option with reliable, proven, and trustworthy service providers.
Stay Organized so you can pay Your Taxes on Time
Keeping excellent records during the year and having an organized system for tracking your money and expenses are important factors in getting your taxes filed on time. We can help. Our services for small businesses keep your bookkeeping and accounting needs organized.
Wondering if you can hide tax from CRA? Don’t try it. It’s not worth it.