Do you make your Payroll Remittance online?
If yes, are you aware that the CRA will stop sending you the paper PD7A remittance vouchers once you have made 6 consecutive online payments? While this may seem trivial, for some of our clients, this form arriving in the mail is a reminder of a payroll payment coming due by the 15th day of the month.
Unfortunately during 2013, we have had a few clients who used the receipt of the PD7A form in the mail as their reminder and not receiving it caused them to forget their payroll remittances… The result… Change their remuneration to dividends part way through the year (which is a pain) or face ugly penalties!!!
If you make your payments on line please set a reminder in your “Outlook” (or other electronic calendars) so that you do not fail to make your payroll remittance when it is due. Also, it may be handy to have a few spare vouchers on hand in the event of a disruption of internet service. If you are no longer receiving these paper vouchers and wish to, please call CRA at 1-800-959-5525 to request. If you do not make your CRA payments online, now may be a good time to consider setting this up to provide flexibility in making your CRA payments. This option can come in quite handy if you are traveling or simply too busy to get to your bank. Please visit the CRA website www.cra-arc.gc.ca and search for the “My Payment” service, available to clients of BMO, TD, RBC and Scotiabank. If you bank with another institution check with them directly to see what is available.
To continue this trend of electronic transactions, CRA has also launched a new program to allow you to receive your PD7A form online. However you must be registered for the “My Business Account” online service through the CRA website. Please visit the CRA website to learn more.