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Paying your CRA outstanding balance is a key financial responsibility of every good Canadian. In addition to this, paying your balance on time can have various financial benefits.
It can help you secure a good credit score. Similarly, when you pay your CRA, you can secure a loan and credit in the future.
But most importantly, you can secure a peaceful financial situation when you pay your CRA on time. Thus, it is essential to pay your debts on time.
If you owe money to CRA and wish to pay on time, then you have come to the right place. In this article, we’ll highlight payment options for paying your CRA owing. Keep reading to find out more.
The Canada Revenue Agency (CRA), is a federal government body of Canada. This agency collects personal income tax, goods and services tax, sales tax, excise tax, and other taxes. The Canada Revenue Agency collects these taxes from people living in Canada. And we use the taxes on social and economic benefit programs.
You must be wondering how you owe money to the CRA. If you owe money to the government of Canada, you need to pay your unpaid taxes and debts to the CRA. Here are the situations in which you owe a balance to the Canada Revenue Agency.
If you’re living in Canada and earning, you’re eligible for income tax. If you pay less income tax than you owe, you owe money to the CRA. So if you find yourself in such a situation, pay your CRA owing right on the payment date
Your payroll obligations including salaries, CPP contributions, and EI premiums make you responsible for paying to CRA.
If you collected GST/HST on your business sales, you must give these taxes to the CRA.
If the CRA discovers your unreported income, you’ll have to pay more taxes, penalties, and interest on it.
We’re living in a fast era. You can accomplish things that used to require days or months in just hours or days
.
The same goes for the payments of your owing. To pay your CRA debt, you don’t have to wait in a long line. Today, you have got plenty of options to pay your CRA.
Online banking is one of the best options for paying your CRA owing. The process is easy and time-saving.
You just need to search CRA in the “pay bills” section. Add CRA and input your CRA number. Then enter the amount you wish to pay.
You can allow a certain amount of money to be taken from your bank account using Pre-Authorized Debit. You can pay your CRA owing by using this payment option.
You can set up a payment schedule on CRA’s My Account service. And then specify the payment schedule and amount. You can also use this option for a series of payments.
You can also use the option of online payment of your outstanding balance. Visit CRA’s website using the My Payment service. You will need a valid debit card and SIN number to complete the transaction.
You can pay your CRA by using the Interac e-Transfer method. It allows you to transfer the amount you owe to CRA directly from your bank account to the CRA’s account. However, Interac e-transfer will charge a fee for its service.
Paying your CRA in person involves using a remittance voucher. You can generate the voucher through the My Account service. Visit the bank along with the voucher and other necessary information. And then pay the amount you owe to the CRA.
If you’re a non-resident, a wire transfer can be a good payment option. Now you can pay your CRA owing from any State.
Except for GST/HST, you can pay all the taxes. Banks will charge you for this payment. So make sure the bank does not deduct the wire transfer fee from the amount you owe to the CRA.
Paying your CRA is the responsibility of every citizen. It’s a responsibility a good citizen cannot avoid. To make things easier for you, CRA has given various payment options. The options can help you manage your tax obligations without any difficulty.
There is online banking, pre-authorized debit, wire transfer, and many other options to pay your CRA. So avail these opportunities to pay your outstanding on time and give proof of being a good citizen.
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