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Line 485 - Balance owing

If your total payable (line 435) is more than your total credits (line 482), enter the difference on line 485. This amount is your balance owing. Generally, if the difference is $2 or less for 2006, you do not have to make a payment.

Important date

Your balance owing is due no later than April 30, 2007.

Making payments

Whether you file a paper return or file electronically, you can make your payment in several ways:

You may be able to pay electronically using your financial institution's Internet or telephone banking services. Most financial institutions allow you to schedule future-dated payments. For more information, contact your financial institution.
You can make your payment free of charge at your Canadian financial institution in Canada. To do so, you have to use the remittance form in your personalized tax package (if you received one) or Form T7DR(A), which you can get from us.
You can attach to the front of your paper return a cheque or money order made out to the Receiver General. Enter this amount on line 486.
You can send us a cheque or money order with the remittance form in your personalized tax package (if you received one) or with Form T7DR(A), which you can get from us. Mail the form and your cheque or money order to:

Canada Revenue Agency,
875 Heron Road,
Ottawa ON K1A 1B1

Note
To help us process your payment correctly, please write your social insurance number on the back of your cheque or money order.

Do not mail us cash or include it with your return.

You can file your return early and make a post-dated payment as late as April 30. In that case, if we process your return before the date of the payment, your payment will appear on your Notice of Assessment, but it will not reduce your balance owing. We will credit your account on the date of the payment and then send you a revised statement of your account.

If you make a payment with a cheque that your financial institution does not honour (including a cheque on which you put a “stop-payment”), we will charge you a fee.

To view your information on your account balance and payment on filing, visit My Account.

Payment arrangements

If you cannot pay your balance owing on or before April 30, 2007, we will accept a payment arrangement only after you have reasonably tried to obtain the necessary funds by borrowing or re-arranging your financial affairs. If you cannot pay the balance in full, you should contact your tax services office to discuss a mutually acceptable payment arrangement based on your ability to pay. We still will charge daily compound interest on any outstanding balance starting May 1, 2007, until you pay it in full.

Your failure to proceed with timely action to resolve your tax arrears can lead to serious measures by CRA including legal action such as garnisheeing your income or your bank account, or initiating other legal action such as seizing and selling your assets.

Tax Tip
Even if you cannot pay all of your balance owing right away, you should still file your return on time. Then you will not have to pay a penalty for filing your return after the due date. See “What penalties and interest do we charge?” of the General Income Tax and Benefit Guide for details.

Completing your tax return

Subtract your total credits (line 482) from your total payable (line 435). If the amount is positive, you have a balance owing. Enter this amount on line 485.

Forms and publications

General Income Tax and Benefit Guide