Canadian taxpayers have one more way to pay the taxman with the launch of a new online service.

Jean-Pierre Blackburn, Minister of National Revenue and Minister of State (Agriculture and Agri-Food), announced the launch of the new My Payment service at the Canada Revenue Agency (CRA) Friday in Jonquiere, Quebec.

The new service will be available as a payment option to make tax payments beginning October 5.

“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,” says Blackburn. “This new service is yet another achievement aimed at reducing the paperwork and compliance burdens for Canadians.”

The CRA says the new My Payment service is safe and uses the existing security of Canadian online banking services.

It is also private — no sensitive tax or banking information will be shared between the CRA and a financial institution.

“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,” Blackburn adds.

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, the CRA says those institutions include the following: BMO Bank of Montreal, Scotiabank, TD Canada Trust, and RBC Royal Bank.

“The addition of the CRA represents a major milestone in the rollout of INTERAC Online,” says Mark O’Connell, president and CEO, Acxsys Corp., architects of the Interac network. “We’re pleased that the CRA has selected INTERAC as the solution to best meet the needs of the government and the public.”

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

For more information about My Payment, or to use the service, go to www.cra.gc.ca/mypayment.

IE