Thanks to the Canadian Revenue Agency (CRA) that offers a variety of ways to pay Canadian personal income taxes. The fret of paying taxes has always been a daunting task. Many people are still unaware of the easiest ways the CRA has provided to pay your personal taxes.
You should also know the CRA charges both for interest and penalties for filing your income taxes late.
Here are some quickest ways to pay your Canadian income taxes
- Online or telephone banking
Do you pay your phone bills, electricity bills and other bills online? You do this because it is quick and hassle free, isn’t it? In the same way, you can also pay your income tax to the CRA online or via telephone banking. You need to select the list of payees. You may select Revenue Canada, The Canada Revenue Agency or Receiver General. Make sure that you identify the type of account (whether personal or business), the Business Number or Social Insurance Number and the tax year.
- Payment at a Canadian Financial Institution
You can pay your personal income taxes by money order or cheque at your bank. You must remember to attach a personalized remittance voucher.
What are remittance vouchers?
These are pre-printed in specialized ink. Hence, the copies are not valid. You need to order remittance vouchers online from CRA by phone at 1-800-959-8281 or through the My Account Tax Service.
The money order or the cheque must include your Social Insurance Number on the front.
- Use the My Payment Service
The CRA offers an easy way to pay income taxes by the My Payment service. It lets you the Canada Revenue Agency directly using Interac® Online. This is possible if you have an online banking account with-
- RBC Royal Bank, or
- TD Canada Trust, or
You can always refer to CRA’s My Payment to clear your doubts.
- Attach a money order or a cheque to your paper return
If you are filing a paper income tax return, attach a money order or a cheque to the first page of the return. The money order or the cheque should be payable to the Receiver General. Also, you need to put your Social Insurance Number on the front of the money order or the cheque.