TORONTO, April 19, 2018 /CNW/ - In time for the April 30th personal income tax filing deadline, PayPal Canada announced today that they have teamed up with local payments company Payment Source* to enable Canadians to use their PayPal account to pay federal taxes on the Canada Revenue Agency (CRA) website.

More than 80 per cent of Canadians file their returns electronically, according to the CRA**. As tax filing and payment options evolve, many taxpayers want fast and secure ways to pay tax bills digitally.

Starting today, more than 6.5 million active customer account holders of PayPal in Canada can now use their bank account, credit card, Visa debit card or the balance in their account to pay their federal taxes . This announcement also benefits more than 250,000 Canadian small businesses that use PayPal; they can pay their corporate federal taxes using their balance, bank account or credit card in their PayPal account.

"Tax season is stressful. We wanted to help ease the pain and make it convenient for our customers to use their PayPal account to pay their federal taxes," said Paul Parisi, President, PayPal Canada.

An estimated*** 2.8 million Canadian citizens live abroad. As per the CRA, certain people who live outside Canada may be considered for tax purposes. Canadian expatriates who need to file their taxes and owe money to the CRA can now use their PayPal account to pay their federal tax even when they are based overseas.

"We are pleased to work with PayPal to make tax paying simple and secure," shared Robert Hyde, VP Payment Services for Payment Source. "A digital payment solution like PayPal is ideal for Canadians who want to pay their taxes without revealing their bank account or credit card details to third parties."

*Payment Source is a third-party service provider that helps you make payments to the Canada Revenue Agency (CRA). All payments made to Payment Source using PayPal are completed on the Payment Source platform. A Payment Source convenience fee of 2.29% will apply. Details on this link.

** https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2015/file-your-taxes-online-free.html

***Source: Canadians Abroad Project of the Asia Pacific Foundation of Canada, 2011

About PayPal

Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal Holdings, Inc. (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal's 227 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information, visit PayPal.ca

SOURCE PayPal Canada

For further information: Media Contact: Malini Mitra, PayPal Canada, 416.408.5793, [email protected]