PAD YOUR PAYMENT
The latest addition to the payment options with CRA is pre-authorized debit, or PAD. It is available through the ‘My Account’ service or your tax professional can electronically file the one-time details. Through PAD, the client can make a single payment for their tax owing.
In fact, clients can file their return (or have it filed) prior to April 30 and authorize a payment for a future date in time for the April 30th payment deadline. CRA’s Pre-authorized debit (PAD) is a secure, online, self-service payment option for individuals and businesses. This option lets you set the payment amount you authorize the Canada Revenue Agency (CRA) to withdraw from your Canadian chequing account to pay your taxes on a date, or dates, you choose. Due to the processes between the CRA and the financial institution, there is a five-business-day delay in creating or managing PAD agreements. A PAD agreement can only be done online and not over the phone.
Clients will no longer require a special form to go into the bank or be required to send in a cheque if they choose a pre-authorized debit agreement.
CRA is working to make it that much easier to receive your hard earned money.
