There's a New Way to Pay Your Taxes in Canada
There’s a new way to fork over payment to the federal government, Canada.
And it doesn’t involve leaving your home here or abroad.
Canadians can go digital and use their PayPal account to pay federal taxes on the Canada Revenue Agency (CRA) website, the company announced on Thursday (April 19).
PayPal Canada says it’s teaming up with local payments company Payment Source just in time for the April 30 personal income tax filing deadline.
More than 80 per cent of Canadians file their returns electronically, according to the CRA.
“Tax season is stressful,” said PayPal Canada president Paul Parisi.
“We wanted to help ease the pain and make it convenient for our customers to use their PayPal account to pay their federal taxes.”
Starting April 19, more than 6.5 million active PayPal users in Canada can now use their bank account, credit card, Visa debit card or the balance in their account to pay their federal taxes.
This announcement also benefits more than 250,000 Canadian small businesses that use PayPal, according to the company, since they can pay their corporate federal taxes using their balance, bank account or credit card linked to their PayPal account.
It’s great news for Canadian citizens who live abroad.
Expats who need to file their taxes and owe money to the CRA can use PayPal to pay their federal tax even when they’re based overseas.
“We are pleased to work with PayPal to make tax paying simple and secure,” said Payment Source VP of payment services Robert Hyde.
“A digital payment solution like PayPal is ideal for Canadians who want to pay their taxes without revealing their bank account or credit card details to third parties.”
Keep in mind, a Payment Source convenience fee of 2.29 per cent will apply.