When paying your taxes with a credit card Is a good move – and when it isn’t

 

By Eliot Buchanan

Canadians have been able to pay their personal income (T1) taxes online for a while now, but up until last year, options were limited to online banking or debit – in other words, cash. It was only last year that Canada Revenue Agency provided the option for Canadians to pay their income taxes owed on a credit card, by recognizing Plastiq as a viable option for paying taxes.

Having the option to pay income taxes owed on a credit card is convenient and allows Canadians to maximize their rewards points on an unavoidable expense. However, this brings up the obvious question – when is it a good idea to pay your taxes with a credit card? And when is it probably not?

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