Each year I help over 500 clients file their Canadian and US tax returns as well as plan for both their Canadian and US investment accounts. I also regularly help new US clients plan for their move to Canada.
It’s been a long time coming, but The Canada Revenue Agency is now offering electronic payments for individuals and businesses.
Their new MyPayment system allows individuals to pay personal tax installments and balances as well as allowing businesses to pay the following accounts:
- Payroll Source Deductions;
- Corporation Income Tax;
- Excise Duty;
- Excise Tax;
- Air Traveller’s Security Charge;
- Tax on Insurance Premiums
- Softwood Lumber Products Export Charge;
- Nova Scotia Worker’s Compensation Board.
However keep in mind that CRA has only approved the following financial institutions for MyPayment transactions:
- BMO Bank of Montreal
- RBC Royal Bank
- TD Canada Trust
For more information on MyPayment please visit here.