Pay instalments through internet banking | Page 3 | Income tax filing | Discussion forum

Different banks use different terminology for the name of the 'bill payee' for installment payments. Both of my banks show the year, i.e. 2025, but it does not matter because the current tax year is the default once January comes.

And yes, before I went to pre-authorized debit, I always made the payment at least 2 business days in advance. The Bill Payment system is not immediate. Processing takes a day or two. There is nothing to be gained to be pushing up against the time clock.

Been using my bank's bill payee option for years, so easy. Current options shown are for 2025 instalments, for 2024 taxes owing, plus some other ones, just have to make sure you pick the relevant one.

I've always ignored instalment notice dates and amounts, the wording which I find confusing anyway, the options they say I have, so I just send them money whenever it's convenient for me but always well before any due dates, e.g. I've already sent them all I'm going to for 2025, all done. I don't want to waste my time dealing with CRA over payment timing issues, etc.

I'm usually pretty good at sending them close to the right amount, at estimating my tax bill for the year, i.e. when I do my taxes the following year it's usually pretty close to what I still owe or what refund I'm getting.