One of the many prominent questions that arises from business owners is how to pay their tax instalments. The notion of it seems so complicated and difficult when in fact, it can be done easily in minutes.
This instructional post will provide you with the step-by-step process on how to pay your instalments through your online banking, which you will learn is extremely simple.
The first step is to login to your online banking. Whether you are with TD, RBC, CIBC, or any other bank, the process is similar and straight forward.
Now that you have successfully logged into your corporate bank account, look for the “Pay Bills” button. As simple as paying any other bill, click the button and move on to step 3.
Once you have clicked “Pay Bills”, you will be presented with a drop down menu similar to the screen capture below. Based on your bank, the other may vary but the wording should be as such.
Look for “Tax Payment and Filing”, click the link, and move on to step 4.
The next step is to add a payment type, which you can do so as shown below. Depending on the type of instalment payments you wish you to make, select either GST/HST Payments (GST-P), or Corporate Tax Payments (TXINS). These will already be set up with your bank, so all you need to do is select the correct account.
Regardless of which bank you are with, the payment names will remain the same. Once you have done so, the next step is to simply make the payment as you would any other payment.
If you have any further questions of require clarification, please do not hesitate to contact us.