On this blog, we’ll take a look at the 3 ways you can set up your payment arrangement with CRA and the other option that may be available to you if you can’t pay your tax debt in full. You can set up your payment arrangements in 3 ways:- Pre-authorized debit: You can opt to pay online as it is the most convenient way to pay.- TeleArrangement: You can make a payment through the CRA’s automated TeleArrangement service by calling 1-866-256-1147. This service is available from Monday to Friday, 7am to 10pm Eastern time. You will need to provide your SIN,...
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If you owe taxes to the CRA and cannot pay in full by April 30th, you will need to contact the CRA immediately! The CRA may charge interest compounded daily at the prescribed rate on any amount you owe until your balance is paid in full. You must know that you have options if you cannot pay the amount you owe in full. CRA can work with you to resolve your debt. Here are some options that may be available to you. Payment Arrangements: A payment arrangement is an agreement you make with the CRA to allow you to make smaller...
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Here are some more important pointers you need to know about your tax refund for the tax year 2017. 1. Checking the status of your refund: You can go online and use MyAccount or MyCRA mobile application. You can also call Telerefund at 1-800-959-1956. If you use Telerefund, make sure you have the following information ready: your SIN, your birthdate and total income entered on line 150 of your 2016 and 2017 return.2. Transferring your refund: You can request for your refund to be transferred to your installment account for 2018 by selecting option when filing electronically or by attaching a...
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As we wrap up the tax filing season, we will be looking at some of the things you will need to know after you have filed your income tax return. One of the more important topics related to wrapping up the tax season is the TAX REFUND. Here are some important pointers you need to know about your tax refund for 2017 (if you are expecting one).1. Receiving your Tax Refund: The CRA aims to issue a notice of assessment, including any applicable refund, within 2 weeks of receiving your electronically filed return or 8 weeks of receiving your paper filed...
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