Pay Your Tax Online With These Easy Steps!
Paying taxes can be stressful sometimes, and many people don’t understand the whole concept of what it is and what it’s for. Simply put, taxation is essential because the government has to collect money and use it to fund projects that aim to develop and help the community. Taxes fund healthcare services, medical research, social security, and more.
Not paying your taxes means that you are neglecting your duty as a citizen of your country and could land you in jail along with paying a fine that might be bigger than the tax you should have paid.
Thankfully, the way we do our taxes has become much easier than it used to be. You can now access websites (CRA online and my payment) that can help you pay taxes online in Canada, saving you time and effort. If you get confused by numbers and are not sure where to start on paying your taxes and managing your finances, you should hire an accountant. Because most people do not have the time to devote to managing their finances, hiring an accountant will help you save the hassle of trying to do it yourself.
JTT Accounting is here to help!
JTT Accounting is a firm of accountants who are qualified, experienced, and ready to help you anytime. Our team provides a way for people and businesses to outsource financial commitments.
We provide specialized accounting services designed by Canadian accountants for Canadians. As long as you have internet access, we are able to serve anywhere you may be in Canada. We are able to connect with our clients from all over Canada, thanks to our online accounting program.
JTT Accounting will be in charge of everything that revolves around your tax returns. Our expert accountants understand the Canadian tax code and how it relates to any stage of business or business plan.
We will be assessing and analyzing your business, reducing operating expenses while increasing margins. We reduce your tax liability, allowing you to retain additional money in your corporate, business, or personal bank account.
JTT Will Help you Pay your Taxes Online!
We handle the paperwork. Countless business owners and freelance workers do not have the time to sort through the necessary supportive documents needed to reduce your tax rate. Fortunately, we take care of that for you.
All you need to do is provide us with a breakdown of your income and expenses, as well as the supporting documents for the filing, and we handle everything for you. We’ll guide you through it ethically and legally through the intricacies of the federal and provincial tax codes, allowing you to save money on your tax duties.
How to pay taxes in Canada using Online Platforms
Paying your taxes is different if you’re an individual or a person with a business. Here are the steps for each:
For individual taxpayers:
Log in to your financial institution’s online banking for individual service.
2. Look for the option in “Add a payee”, they are as follows:
- CRA (Revenue) – current-year tax return
- Pay for your current tax return using this option. This option is only available once per return.
- CRA (revenue) – the amount of tax owed
- Utilize this option to pay any outstanding balance.
- CRA (revenue) – tax installment
- Pay towards the next tax year using this option.
- CRA (Revenue) – Repayment for emergency benefit in Canada
Pay for emergency response benefits, a Canada emergency student benefit, a Canada recovery benefit, a Canada sickness recovery benefit, or a Canada recovery caregiving benefit using this option.
3. For your CRA account number, enter your 9-digit social insurance number.
For business taxpayers:
Log in to your financial institution’s business online banking service.
To make business payments, some financial institutions require their customers to open a business bank account. If you require assistance, please contact your banking institution.
2. Look for an option such as: under “Add a payee.”
TXINS – Federal Corporation Tax Payments
GST/HST Payment – GST-P – Federal (GST-P)
Regular/Quarterly Federal Payroll Deductions – EMPTX – (PD7A)
Threshold 1 – Federal Payroll Deductions – EMPTX – (PD7A)
Threshold 2 – Federal Payroll Deductions – EMPTX – (PD7A)
3. As your CRA account number, enter your 15-digit business number.
4. Ensure the number is correct so that the CRA can properly apply your payment.
Paying your taxes has never been this easy! Book a consultation with JTT Accounting Services now!
Pay Tax Online With Experts Today!