At SREDucation, we’re taking the time to document all of the changes that have occurred to the SR&ED program over the years. In our “From the Archives” series, you’ll be able to see how the program has evolved since its inception in 1986. For a timeline of these events, check out the SR&ED Tax Credit page on Facebook. Stay current with the program by understanding the historical context.
Saving Time and Money When Filing SR&ED
On Oct. 2, 2009, Revenue Minister Jean-Pierre Blackburn unveiled My Payment, a new web service available for individuals and businesses to submit their taxes online.
“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,” stated Blackburn in a press release. “This new service is yet another achievement aimed at reducing the paperwork and compliance burdens for Canadians.”
He added that the service would save businesses many inconveniences.
“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.”
The tool, available on the CRA’s website, offers a secure way of submitting tax returns through the Internet. You can make payments directly through banks and other financial institutions in Canada that use Interac.
This article is based upon a Government of Canada news release issued at the time: FEDERAL TAX: “Individuals and businesses can now pay their taxes online” – Jean-Pierre Blackburn