ASSENTT

How to Pay your Business Taxes Online?

Businesses can pay their Taxes to Canada Revenue Agency (CRA) via Online Banking to make it faster and easier to manage taxes. Paying Taxes digitally is beneficial as it ensures that your information is safe and easier to access online at any given time.

Canada Revenue Agency (CRA) takes up to 5 business days from the date of making the payment to process the submission. 

 

Step-by-Step Procedure to Pay Individual Tax Online:

  • Sign in to your Online Banking portal for individuals.
  • Choose a payee with options:
    • Federal – Corporation Tax Payments – TXINS
    • Federal – GST/HST Payment – GST-P (GST-P)
    • Federal Payroll Deductions – Regular/Quarterly – EMPTX – (PD7A)
    • Federal Payroll Deductions – Threshold 1 – EMPTX – (PD7A)
    • Federal Payroll Deductions – Threshold 2 – EMPTX – (PD7A)
  • Now enter your 15-digit Business Number as your Canada Revenue Agency (CRA) Account number.

List of Banks for Paying Individual Tax:

How long it takes for CRA To process your Income Tax?

The processing time taken by Canada Revenue Agency (CRA) is up to 5 business days from the date of making the payment. Therefore it is always advised that you make payment on time to avoid fees and interest.

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