Just what you have been waiting for! – an easier way to pay your taxes. ┬áCanada Revenue Agency announced that they were launching a new service, called My Payment, which allows instant payment of taxes, online. ┬áMy first impression was: ┬áyou can already do this through your online banking bill payments screen. ┬áBUT, this new service is instant, whereas with the old service you have to make the payment one day in advance for it to arrive at CRA on time. ┬áThis is nice, as now you don’t have to remember the day before your taxes are due to schedule the payment.

Anyway, this new service won’t start until October 5, at which time you can begin enjoying instant tax payment by going to www.cra.gc.ca/mypayment.

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A bit more information on that $5,000 lobster fishermen support payment: ┬áthe application process is surprisingly simple. ┬á The application form doesn’t even ask for any financial information, leading some people to ask where the Department of Fisheries and Oceans is going to get their financial data from. ┬áThe answer is that they already have all the fishermen’s catch data. ┬áDFO collects lobster landing data during lobster season, and apparently they have each fisherman’s catches summarized already. ┬áSo they can just compare your catch from this year to last year’s, to see if your landings have decreased enough to qualify. ┬áThis is what I was told by a representative from DFO. ┬áPersonally, if I was told I didn’t qualify, I would ask to see their data to make sure it jived with my own data.

Filed under: Business tax, Other tips by David Boese No Comments »