How do I make income tax payments to the CRA for my business?

If you have to make an installment payments or pay the remaining balance of your Corporation’s income tax, you can do so as follows:

Option 1 – Electronically
The following banks will accept corporate income tax payments electronically:

• Scotiabank
• RBC Royal Bank
• TD Canada Trust

If you have an account with any of the above banks, you can make your payments online via CRA’s “My Payment“.

Option 2 – In person banking

You can make tax payments at your financial institution free of charge by presenting the remittance slip to the teller along with the payment.

Also, you can discuss with your financial institution how they can schedule future-dated payments.

Option 3 – Mail

You can send a cheque or money order, payable to “Receiver General” along with a completed remittance voucher to:

Canada Revenue Agency
875 Heron Road
Ottawa ON K1A 1B1

* at the back of the cheque, please include your corporation’s business number. Post dated cheques are acceptable.

Option 4 (Non-residents with Foreign bank account only) – Wire Transfers

This option is only available to non-residents who do not hold a Canadian bank account.

Name of Banking Institution: The Bank of Nova Scotia, Toronto Business Services Centre, 40 King Street West, Toronto, Ontario, Canada, M5H 1H1
SWIFT: NOSCCATT
Bank Number: 002
Transit Number: 47696
Beneficiary Name: Canada Revenue Agency
Beneficiary Accounting Number: 476961134515
Description Field: Authorization number: 122-22715
Charge Detail: OUR

Also, include:

• Corporation’s name and phone number
• Business Number
• Period date of payment if applicable

* All wire transfers must be in Canadian dollars and your payment must be made to the “Receiver General for Canada”

ABOUT THE AUTHOR

ALLAN MADAN

CA.CPA.CGA

Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.

Related Resources