Personal Finance

How to pay business taxes using CIBC Business Account Online without paying fees?

  • Last Updated:
  • Dec 15th, 2022 7:59 pm
[OP]
Member
Oct 9, 2019
399 posts
274 upvotes

How to pay business taxes using CIBC Business Account Online without paying fees?

For my businesses, I have a TD Business Bank account where I can go to CRA's My Payment website and pay business tax payments (PD7, HST, Corp Tax) without paying any fees to TD.

However, for my wife's business - she opened a business account with CIBC and it seems CIBC does not appear in the drop-down of banks on CRA's My Payment website. The access card provided is also not a Visa Debit or MC debit - so we cannot use the My Payment website to pay her taxes. Now, every month we end up paying $6 extras in bank fees to CIBC since we remitting payroll taxes + Corp Tax + HST installments.

I wanted to know if there is any way to pay CRA business taxes using CIBC Business account without having to pay the fees? Going to branch is not an option as they charge $3 service charge for each visit.
2 replies
Member
Mar 18, 2006
263 posts
250 upvotes
Dealfiber wrote: For my businesses, I have a TD Business Bank account where I can go to CRA's My Payment website and pay business tax payments (PD7, HST, Corp Tax) without paying any fees to TD.

However, for my wife's business - she opened a business account with CIBC and it seems CIBC does not appear in the drop-down of banks on CRA's My Payment website. The access card provided is also not a Visa Debit or MC debit - so we cannot use the My Payment website to pay her taxes. Now, every month we end up paying $6 extras in bank fees to CIBC since we remitting payroll taxes + Corp Tax + HST installments.

I wanted to know if there is any way to pay CRA business taxes using CIBC Business account without having to pay the fees? Going to branch is not an option as they charge $3 service charge for each visit.
I do not have a business account with CIBC, so only suggesting what came to mind for your use case. Is there an option to pay business taxes (all remittance types you mention) via bill payment? Yes, this is not the same thing as going to the CRA site from CIBC (are you referring to Interac Online? If yes, CIBC does not support it).

I was with BMO years ago, and they had an option to "pay business taxes" and was told that behind the scenes, it is like making any other bill payment (payee is CRA Payroll, or CRA Corp Taxes, etc with your BN+suffix). It did take 2 business days for CRA to receive the funds.
Jr. Member
Jan 22, 2017
107 posts
54 upvotes
AB
Dealfiber wrote: I wanted to know if there is any way to pay CRA business taxes using CIBC Business account without having to pay the fees? Going to branch is not an option as they charge $3 service charge for each visit.
CIBC is the only big 5 bank that doesn't seem to have the CRA payment feature.

You can use pre-authorized debits (PAD) to make payments to CRA without fees.
But you have to set it up 5 business days ahead or something like that, plus then CRA has your banking info (some people don't like that).

I have also paid in person at the branch but there was no service fee. I haven't been in a while, I wonder if this is a new charge?
I actually thought all banks had to remit taxes to CRA without fees if someone went in person.

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