How to Use CRA My Payment to Pay Your Business Taxes
Step 1: Visit the CRA My Payment Website
- Go to the CRA My Payment website at CRA My Payment.
Step 2: Select the Type of Payment
- Choose the type of business tax payment you want to make, such as “Corporation Income Tax,” “GST/HST,” “Payroll Source Deductions,” or “Excise Tax.” For example, if you are paying GST/HST, select “GST/HST.”
Step 3: Enter Your Payment Details
- Enter the payment details, including your Business Number along with the account code (exp: RT0001), the tax period you’re paying for, and the amount you need to pay. For example, if you owe $5,000 for the second quarter of 2023, enter “5000” in the amount field and select the appropriate tax period.
Step 4: Choose Your Payment Method
- CRA My Payment accepts payments using Visa Debit or Debit Mastercard. Ensure you have your business bank access card ready. Select your payment method and click “Next.”
Step 5: Enter Card Information
- Enter your debit card information, including the card number, expiry date, and security code (CVV). Double-check the information to ensure it’s correct. For example, if your card number is “1234 5678 9012 3456,” enter this number along with the other required details.
Step 6: Confirm Payment Details
- Review the payment details to ensure everything is correct. The screen will display a summary of your payment, including the amount, tax period, and payment method. If all details are correct, click “Submit.”
Step 7: Receive Payment Confirmation
- After submitting the payment, you will receive a confirmation message from the CRA. This message will include a reference number and confirmation that your payment has been processed. For example, the message might say, “Your payment of $5,000 for the second quarter of 2023 GST/HST has been successfully processed. Reference number: ABC123.”
Step 8: Save the Confirmation
- Save the confirmation message or note the reference number for your records. This will be useful for future reference or if you need to contact the CRA regarding your payment.
Example Scenario: Paying GST/HST for Your Business
- Suppose your business owes $7,500 in GST/HST for the third quarter of 2023. Here’s how you would make the payment:
- Visit the CRA My Payment website.
- Select “GST/HST” as the payment type.
- Enter your Business Number (BN), select the third quarter of 2023 as the tax period, and enter “7500” as the amount.
- Choose Visa Debit or Debit Mastercard as your payment method.
- Enter your card details (card number, expiry date, CVV).
- Review the payment summary and click “Submit.”
- Receive a confirmation message stating, “Your payment of $7,500 for the third quarter of 2023 GST/HST has been successfully processed. Reference number: XYZ456.”
- Save the confirmation for your records.
By following these steps, you can easily make a secure and efficient payment to the CRA using CRA My Payment. If you encounter any issues or have questions, the CRA’s support team is available to assist you.
For more details, visit the CRA’s Business Payments page.
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