Personal Finance

Using debit to pay CRA taxes

  • Last Updated:
  • May 5th, 2018 2:03 am
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[OP]
Sr. Member
Dec 12, 2010
624 posts
115 upvotes

Using debit to pay CRA taxes

I'm pretty this can be done right? As a small business owner, i owe the CRA tens of thousands of dollars in taxes every year (GST, payroll, corp tax).
I recently found out about the scotia passport debit which gives about 0.02* cash back. Seems like for people with big tax bill you come ahead even after paying their basic plan fee, or you can park $3k in chequing.

thoughts?
3 replies
Member
User avatar
Dec 20, 2017
489 posts
562 upvotes
Debit transactions are capped by your bank. RBC caps it at 5k, TD at 10k (you have to call in to activate "high limit debit account"), etc. Most of the time you can't pay it off in one transaction and you'd need to split it up every 24hrs... Some banks even impose a weekly transaction limit.
Deal Addict
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Mar 9, 2012
2344 posts
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Kitchener
chaugh wrote:
May 4th, 2018 5:33 pm
I'm pretty this can be done right? As a small business owner, i owe the CRA tens of thousands of dollars in taxes every year (GST, payroll, corp tax).
I recently found out about the scotia passport debit which gives about 0.02* cash back. Seems like for people with big tax bill you come ahead even after paying their basic plan fee, or you can park $3k in chequing.

thoughts?
Probably a good idea to edit your thread so no one knows your talking about. If you're correct, guarantee the bank would close the loophole fairly quickly. Also guarantee if someone from Scotia Bank is reading this, they're like "oh crap, a loophole, let's close it!".

If the bank doesn't care, then, yeah, good idea for any business to place that money into their personal Scotia Bank account and pay off the CRA. Easy and free money is hard to come by.

Come to think of it, I saw that Scotia was offering cash back on debit, and is really making me think of moving things. With my spending, I don't mind going cash (debit) on everything, that cash back Mastercard would become useless to me.
How can we fly like eagles, when we're governed by Turkeys?
[OP]
Sr. Member
Dec 12, 2010
624 posts
115 upvotes
Hm... Yeah I got a offer from Scotia for their scene debit card and it just hit me.
I'm sure other people have thought of the same thing so I was just curious if there was some clause or limit that prevented this.

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