How to Pay Taxes Through Financial Institutions
Personal Taxes
- Log In to Online Banking: Sign in to your online banking service with your bank or credit union1.
- Add CRA as a Payee: Look for an option to add a new payee1. You might see options like “Federal – Personal Income Tax Payments – TXINS” or similar1.
- Enter CRA Account Details: Enter your Social Insurance Number (SIN) as the CRA account number1. Ensure the information is accurate to avoid any issues.
- Enter Payment Amount: Specify the amount you want to pay1.
- Confirm and Submit: Review the payment details and confirm the transaction1. You should receive a confirmation from your bank and the CRA.
Business Taxes
- Log In to Online Banking: Sign in to your business online banking service with your bank or credit union1.
- Add CRA as a Payee: Look for an option to add a new payee1. You might see options like “Federal – Corporation Tax Payments – TXINS” or “GST/HST Payment – GST-P (GST-P)”1.
- Enter CRA Account Details: Enter your 15-digit Business Number (BN) as the CRA account number1. Ensure the number is accurate so that the CRA can apply your payment correctly1.
- Enter Payment Amount: Specify the amount you want to pay1.
- Confirm and Submit: Review the payment details and confirm the transaction1. You should receive a confirmation from your bank and the CRA.
Example Scenario: Paying Business Taxes
Suppose your business owes $5,000 in GST/HST for the second quarter of 20231. Here’s how you would make the payment:
- Log In to Online Banking: Sign in to your business online banking service1.
- Add CRA as a Payee: Look for an option to add a new payee and select “GST/HST Payment – GST-P (GST-P)”1.
- Enter CRA Account Details: Enter your 15-digit Business Number (BN) as the CRA account number1.
- Enter Payment Amount: Enter “5000” as the amount1.
- Confirm and Submit: Review the payment details and confirm the transaction1. You should receive a confirmation from your bank and the CRA1.
By following these steps, you can easily make a secure and efficient payment to the CRA through your financial institution. If you encounter any issues or have questions, the CRA’s support team is available to assist you.
