Account Balance

Frequently asked questions

1. What does Current Year (CY) account mean?
2. Why don't I see what payments I've made?
3. What do I do if there is a payment missing or I believe there is an error?
4. What is the interest rate and what are the penalties?
5. What do I do if I want to make a transfer?
6. What if I overpaid and want a refund?
7. Why can't I print a copy of a remittance form from my PC?

1. What does Current Year (CY) account mean?

Current Year (CY) account refers to the current Calendar year. Payments for all pay periods occurring between January 1 and December 31 are included.

2. Why don't I see what payments I've made?

Payments and transactions on your account are reported on the monthly statement of account, PD7A (PD7A–RB for clients who are accelerated remitters)

3. What do I do if there is a payment missing or I believe there is an error?

If you believe that a payment has not been applied to your account or was applied incorrectly, you can contact the Business Enquiries line at 1-800-959-5525.

4. What is the interest rate and what are the penalties?

Interest is charged on the total balance outstanding as well as on payments that were required to be remitted. See http://www.cra-arc.gc.ca/interestrates for more detail and the rates.

Penalties can be assessed on late remittances, missing remittances, even improperly made remittances. Refer to:
http://www.cra-arc.gc.ca/tax/business/topics/payroll/howpayrollworks/penalty/penalties/menu-e.html.

5. What do I do if I want to make a transfer?

Contact the Business Enquiries line at 1-800-959-5525. Provide the amount, date the payment was made and where you want the money transferred.

6. What if I overpaid and want a refund?

Depending on the circumstances, it may be more advantageous to advise the Business Enquiries Agent to apply this payment to the next pay period and remit the difference if you need to. A refund can be obtained if the error will cause hardship.

7. Why can't I print a copy of a remittance form from my PC?

Remittance forms must conform to the standards set out by the Canadian Payments Association. Size, paper quality and special ink used for financial documents and coding cannot be produced on most home PC printers.