How to schedule a series of payments

Eligibility

You can use the option “Schedule a series of payments” to calculate payment schedules in the My Account / My Business Account (MyBA) secure portals for the following debts:

• Personal income tax
• Corporate income tax
• Payroll deductions
• GST/HST
• Canada Emergency Wage Subsidy (CEWS)
• Excise duty, excise tax or excise tax on insurance premiums
• Air travellers security charge (ATSC)
• Fuel charge
• Partnerships

Prescribed interest rate

The Canada Revenue Agency (CRA) calculates your payment agreement using a combination of the interest rate set by the Bank of Canada and an additional prescribed amount determined by the CRA. This advertised rate of interest is updated quarterly, therefore, this may affect the amount of interest we charge throughout the payment agreement.

Mandatory fields

To calculate a payment agreement, you must enter values in the following fields:

• Step 1 – Confirm the “Amount to be paid”
• Step 2 – Enter or select starting date
• Step 3 – Select the frequency of your payment by using the “How often” dropdown
• Step 4 – Enter the number of payments
• Step 5 – Choose either to calculate your estimated interest based on your debt or to exclude interest. You are still required to pay the remaining balance and any accumulated interest at the end of the payment agreement
• Step 6 – Select the “Calculate” button to determine your payment agreement