Monday, April 13, 2015

Plastiq: Reduced Fee for CRA Tax Payments

Deal Link:
Expiry: May 31, 2015

As you know, the CRA does not offer the option of paying taxes using a credit card. However, you may be able to use a third-party service provider that offers additional payment methods, including credit cards. The only provider that can do it at this time is Plastiq (T2 corporation, T1 individual, GST/HST, source deductions and excise tax).

Normally, Plastiq charges a fee of $1.99-$2.49 for this service. Currently, there is an offer from Plastiq: reduced fees until May 31 on tax payment (1% for MasterCard and 0% for Visa Debit). I tried it myself and the Plastiq service fee is really 1% for MasterCard. This is good for those who have credit cards with rewards greater than 1%.

Please remember that even if you pay today, the CRA may not receive your payment today. The transfer will typically take place within two to three days. However, you may encounter additional delays. The CRA may charge you penalties or interest or both if your payment is late.