Individuals and businesses can now pay their federal taxes online

The following news release is available on the Canada Revenue Agency web site:

The Honourable Jean-Pierre Blackburn, Minister of National Revenue and Minister of State (Agriculture and Agri-Food), announced the launch of a new online service at the Canada Revenue Agency (CRA).

"Taxpayers and businesses can now send payments to the Canada Revenue Agency instantly from their accounts at participating financial institutions using the new My Payment service," said Minister Blackburn. "This new service is yet another achievement aimed at reducing the paperwork and compliance burdens for Canadians."

The new My Payment service is safe and uses the existing security of your online banking services. It is also private—no sensitive tax or banking information will be shared between the CRA and a financial institution.

Minister Blackburn added that "My Payment ends the inconvenience of timing payments to arrive on the right day by mail by crediting CRA accounts at once for payment transfers. The service also ends the hassle of monitoring outstanding cheques to avoid non-sufficient-funds transactions, by only allowing payments when funds are immediately available from your account." This service will equally benefit businesses of all sizes and individual taxpayers.

My Payment is accessed using a portal on the CRA Web site. The service lets individuals and businesses send payments electronically through a secure link with Canadian financial institutions who offer Interac® Online payment service. Currently, those institutions include the following: BMO Bank of Montreal, Scotiabank, TD Canada Trust, and RBC Royal Bank. This new service will be available on October 5, 2009.

Transactions completed through My Payment can contain several payments for a combination of both individual and business accounts at the CRA. Payments can be made from a personal or a corporate bank account at a participating financial institution.

For more information on this or other CRA news releases, see:
http://www.cra-arc.gc.ca/nwsrm/rlss/2009/m10/nr091002-eng.html