Personal Finance

Best way of paying CRA - large amount

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  • Jul 18th, 2021 4:50 pm
[OP]
Sr. Member
Nov 23, 2004
718 posts
19 upvotes
Quarry Bay

Best way of paying CRA - large amount

Hi guys,

I have a huge six figure tax bill I need to pay CRA and wondering what the best approach is to doing this. Are there any decent cashback opportunities (paying with a credit card via a third party payment platform?) or something else I can do that makes sense.

Even if I sort of breakeven on the cashback and the payment fees and the money can sit in my savings account for another month or so at least I'd make some interest on it.

Thoughts?

Thanks
2 replies
Deal Fanatic
Jan 19, 2017
8496 posts
4994 upvotes
jyeung wrote: Hi guys,

I have a huge six figure tax bill I need to pay CRA and wondering what the best approach is to doing this. Are there any decent cashback opportunities (paying with a credit card via a third party payment platform?) or something else I can do that makes sense.

Even if I sort of breakeven on the cashback and the payment fees and the money can sit in my savings account for another month or so at least I'd make some interest on it.

Thoughts?

Thanks
If you have a crèdit Card with reward of 2.5% or Moré, then pay it using PaySimply.
Sr. Member
User avatar
Dec 20, 2017
829 posts
997 upvotes
Plastiq and multiple Amex business gold cards.

Each Amex card is limited to $25k per CC statement cycle. You get 2 MR / $ spent and Plastiq charges a 2.5% fee. Amex used to allow for unlimited Plastiq $ amounts, but were paying out too many points to large corps that did it, so they capped it at 25k/ month / Amex card.
💳 Collected: RBC VIP for Private Banking, TD VIP, BMO VIP, HSBC Premier WE MC, Amex PP, Amex BP, Amex BG, Amex Cobalt, BMO WE MC, CDC Indigo

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