Source Deduction Arrears
Hi - BC based corporation
We had some banking issues with our Valley First Credit Union, and unfortunately didn’t notice the payments for source deductions bounced two months
Our credit union is paying us back for the arrears, thank god, as it was their banking issue
We had a credit on our account from a few months ago, so CRA is applying the credit to the arrears for penalties in the meantime, but, there is $5 amount not covered
Valley First doesn’t have an option in the Tax Centre for payroll “arrears” just the main account for payroll
I was informed by the CRA there is no way to pay the $5 other than on the CRA website directly or by receiving a specific arrears voucher to bring into the bank? Is this correct??
They advised against just paying the $5 under the regular payroll account for online banking, or adding it to my next remittance amount to be paid via online banking
What are other people doing for “arrears”. What happens if you miss a sourced deduction or remit the wrong amount??