Personal Finance

Paying taxes using online banking

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  • Feb 26th, 2015 10:45 am
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[OP]
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Dec 17, 2008
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Paying taxes using online banking

I got notice of reassessment for last year's taxes and I need to pay CRA an outstanding balance. I'm using Tangerine online banking and I was wondering which one of these payees should I direct the payment to?

- CRA (revenue)-(2014)-tax owing
- CRA (revenue)-past tax owed
- CRA (revenue)-tax installments or a similar payees
9 replies
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Jan 27, 2007
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Peterborough
PiusPatronus wrote: I got notice of reassessment for last year's taxes and I need to pay CRA an outstanding balance. I'm using Tangerine online banking and I was wondering which one of these payees should I direct the payment to?

- CRA (revenue)-(2014)-tax owing
- CRA (revenue)-past tax owed
- CRA (revenue)-tax installments or a similar payees
Past tax owed. Although it has been my understanding that cra screws the allocation up even if you chose that so it is a good idea to check my account or call them to follow up after a week or so.
[QUOTE]I know you are, but what am I.... ;) [/QUOTE]
[OP]
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Dec 17, 2008
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Also, under "Account Number", I'm assuming that it's my social insurance number?
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Jan 16, 2015
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Cochrane, AB
PiusPatronus wrote: Also, under "Account Number", I'm assuming that it's my social insurance number?
Yes, that is correct.
Jr. Member
Feb 4, 2015
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York, ON
dutchca wrote: Past tax owed. Although it has been my understanding that cra screws the allocation up even if you chose that so it is a good idea to check my account or call them to follow up after a week or so.
Absolutely this. I'd even go as far as to call the CRA beforehand as ask them explicitly which payee to make the payment to. If you need to correct after the fact it can be a pain in the backside.
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Feb 4, 2015
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Canada, Eh!!
dutchca wrote: Past tax owed. Although it has been my understanding that cra screws the allocation up even if you chose that so it is a good idea to check my account or call them to follow up after a week or so.
Also, take screen shot or printout for your records.
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Feb 19, 2010
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RaySkunk wrote: Absolutely this. I'd even go as far as to call the CRA beforehand as ask them explicitly which payee to make the payment to. If you need to correct after the fact it can be a pain in the backside.
I think dutcha's advice is sufficient. You think you can rely on somebody at CRA who answers the phone to know? The choices provided by OP make it quite obvious which payee to use.
Jr. Member
Feb 4, 2015
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York, ON
Conquistador wrote: You think you can rely on somebody at CRA who answers the phone to know?
Well, I should hope so, as that's their job. Everytime I've called the CRA I've always gotten the information I needed. YMMV.
Personally when it comes to taxes and dealing with the CRA I take zero chances; a quick phone call is little effort and can prevent hurt down the line.
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Feb 19, 2010
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RaySkunk wrote: Well, I should hope so, as that's their job. Everytime I've called the CRA I've always gotten the information I needed. YMMV.
Personally when it comes to taxes and dealing with the CRA I take zero chances; a quick phone call is little effort and can prevent hurt down the line.
And what part of the three choices presented by OP cause the biggest concern? Isn't the answer obvious? When the smoke clears, money will be credited to OP's CRA account. As dutcha said, and the same can be said for the people who answer the phone, they're notorious for screwing up. As such, dutcha's suggestion of following up after the fact to confirm the money made it to the right "account" of the OP is more than sufficient.

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