A question that we often get asked by our business clients in the Collingwood Area is how to make a corporate tax payment to the CRA. The easiest way to pay your corporate taxes to the CRA is done through your online banking.
Paying your Corporate Tax balance
- Sign in to your financial institution's online banking service.
- In the "Bill Payment" window, select "Pay Business Taxes" (different banks might have a slightly different name for this section)
- Add payee "Federal - Corporation tax Payments - TXINS”
- To pay your year-end balance:
For the box "period ending," put the year-end for which the corporate tax return was filed
For the box "payment on filing," put the amount that you want to pay.
- To pay instalments:
For the box "period ending," put the current fiscal year-end
For the box "interim," put the amount that you want to pay.
You can schedule postdated payments
Paying HST balance
- Sign in to your financial institution's online banking service.
- In Bill Payment window select "Pay Business Taxes" (different banks might have slightly different name for this section)
- Add payee "Federal - GST/HST Payment -- GST-P -- (GST-P)"
- Put applicable Period Start Date, End Date and Due Date
- To pay balance owing - use box "Amount Owing"
- To pay instalments - use box "Instalment payment"
You can schedule postdated payments
Paying Personal Tax
- Sign in to your financial institution's online banking service.
- Go to Bill Payment window.
- To pay current year tax select CRA PERSONAL INCOME TAX - 2017 TAX OWING ON FILING, your account number is your SIN
- To pay instalments select CRA (REVENUE)-TAX INSTALMENTS, your account number is your SIN
You can schedule postdated payments
