When you prepare your
individual tax return, you may have either tax payable or a tax refund. The
last date for payment of individual taxes without interest charges is April 30,
2016. After April 30th, CRA will charge interest at the rate
declared by it for the Quarter April-June 30, 2016. Currently, CRA charges
interest at the rate of 5% per annum on overdue taxes.
In order to avoid paying
interest charges to CRA, it is important to pay taxes by April 30, 2016.
There are the following
options with regard to the manner of payment of taxes.
1)
Pay Online to CRA:
Visit
CRA website: www.cra.gc.ca
On
the Home Page, click the tab of “My Payment” under Online Services
Check
whether you have the bank account/do online banking with the specified financial
institution
Click
the tab of “My Payment”
Choose
Tab of “Individuals”
Choose
the link of “Individual Income Tax”
Choose
“2015-Tax return”
Choose
online screen instructions and complete the payment
You
can use the following link directly to avoid the above steps.
2)
Pay by filling out
the Payment Form TD7R (A):
This
is fairly simple in the sense that you can complete the payment form received
from CRA and take it to your bank and complete the payment. The Bank will issue
you a stamped payment receipt.
3)
Mail a Cheque to
CRA with a letter:
You can write the
cheque in favour of Canada Revenue Agency and make sure that you write your
social insurance number and the words “Payment of taxes for 2015” in the memo
section of the cheque. Attach your covering letter with it.
Canada Revenue Agency
does not accept the cash payment of taxes at any of its offices.
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