INTERAC online now connects directly for income tax payments
TORONTO--INTERAC Online, an online payment option that allows Canadians to make secure payments directly from their bank account, is now being accepted by the Canada Revenue Agency (CRA) through My Payment - the CRA's new online payment service.
"The addition of INTERAC Online represents a major advance in income tax payments," said Caroline Hubberstey, Director, Public and Government Affairs, Acxsys Corporation, whose shareholders are the architects of the INTERAC network. "To make your payment, all you need is online banking with a participating financial institution - no set-up, no stamps, no running around - it's simple, and it's secure."
Public Works and Government Services Canada (PWGSC), in its role as the Receiver General for Canada, establishes banking arrangements for the Government of Canada, and made it possible for the CRA to implement My Payment. By working closely with its service provider, Chase Paymentech, a global leader in payment processing and merchant acquiring, the service is set up to accept online payments for various types of taxes, including payments from individuals and businesses for income taxes, payroll source deductions, excise, GST/HST, and more.
INTERAC Online is secure and easy-to-use because it works with existing online banking services of participating Canadian financial institutions. Since the transaction is conducted from the customer's bank account online, no card number or other personal financial information is shared with the online merchant or organization and there is no need for any new passwords to be memorized.
How consumers would use INTERAC online:
- Select the INTERAC Online payment option;
- Select your financial institution;
- Log onto trusted web banking site using existing login ID and
- Select your account to process payment;
- Confirm the payment (you are logged out of online banking and
automatically redirected back to the online organization's website);
- Print confirmation page for future reference and proof of purchase.
INTERAC Online is currently available to customers of BMO Bank of Montreal, RBC Royal Bank, Scotiabank, and TD Canada Trust, and can be used at more than 400 online merchants and organizations across Canada.
Acxsys Corporation, comprised of eight large financial institutions as shareholders, is headquartered in Toronto, Ontario. Acxsys specializes in the development and operation of new payment service opportunities as well as consulting and management services in the field of electronic payments. The Corporation's shareholders are the architects of Canada's national network for shared electronic financial services: INTERAC Direct Payment, Canada's national debit card service and INTERAC Shared Cash Dispensing Service for cash withdrawals at Automated Banking Machines.