If I've signed up for direct deposit for tax refunds, am I signed up for automatic
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Thread: If I've signed up for direct deposit for tax refunds, am I signed up for automatic

  1. #1
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    If I've signed up for direct deposit for tax refunds, am I signed up for automatic

    payments?

    Let me explain. For the last few years, I've received an income tax refund (usually under 100 bucks). The refund has been directly deposited into my bank account. I signed up for this service several years ago.

    For the first time, in many years, I had a balance owing (120 bucks). I've filed my return electronically with CRA. Will this balance owed be automatically withdrawn from my bank account?

    I've gone to my netfile account, the assessment has been completed. When I check to see my balance it says: 2009 Balance: 122 debit.

    The word "debit" leads me to believe that the balance owed will be "debited" from my bank account. But, this has not happened yet.

    Anyone know if payments for balances owed are automatically withdrawn, just like refunds are deposited?

    Thanks for any insight you may have.

    Last edited by investnoob; 2010-04-27 at 05:21 PM. Reason: made my last question clearer.

  2. #2
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    No, they are not automatically withdrawn.

    However, you can set up a CRA "bill payment" which is pretty easy to do. Then you just "pay your tax bill". Very easy.
    Mike Holman
    Money Smarts Blog Investing and Personal Finance

  3. #3
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    Quote Originally Posted by Four Pillars View Post
    No, they are not automatically withdrawn.

    However, you can set up a CRA "bill payment" which is pretty easy to do. Then you just "pay your tax bill". Very easy.
    Thanks very much Four Pillars. I noticed that on CRA's home page. Now I just have to do it before the end of the week!

    What's funny is that my assessment is dated May 3rd. Huh?

    Again, thanks.

  4. #4
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    Quote Originally Posted by Four Pillars View Post
    No, they are not automatically withdrawn.

    However, you can set up a CRA "bill payment" which is pretty easy to do. Then you just "pay your tax bill". Very easy.

    Worked like a charm. Just paid my balance. Thanks Four Pillars. I had no idea it would be that easy.

  5. #5
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    Quote Originally Posted by investnoob View Post
    Worked like a charm. Just paid my balance. Thanks Four Pillars. I had no idea it would be that easy.
    No problem. I found out about it several years ago when I owed some taxes for the first time and my wife just set it up this year because she owed $$.

    Mike Holman
    Money Smarts Blog Investing and Personal Finance

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