TAX INSTALLMENTS

Tax installments are issued when a taxpayer owes $3,000 or more and the taxpayer’s net tax owing is $3,000 or more in any of the previous tax years.

Installments are required to be paid in quarterly installments and general occur on or before March 15, June 15, September 15 and December 15. While this is a good guideline, this seems unrealistic when taxpayers don’t know what their new income and tax liability will be for those specific quarters.

There is late payment fees and penalties if the installments are not paid by the specified date, but taxpayers can breathe a sigh of relief because of the CRA does not provide a reminder in the form of Form INNS1 than penalties will not be charged.

Calculation of Installment Payments

  1. Taxpayer calculates an estimate of their total income and taxes owing for the current year.
  2. Uses the previous years tax owing, not including withholdings, and that one quarter of the number is remitted by the due date
  3. March and June are first calculated as one quarter for the second proceeding tax year and September and December are in the immediate tax year, minus one half of the second preceding year. *This method is not recommended to be completed by a taxpayer*

All installments should be paid on time in their respective quarterly time frame. Overpayments will be refunded when the tax return is filed.

More information about the CRA’s tax installment can be found here:

This is general comment, and you should contact Tax Partners for any questions by sending an email to info@taxpartners.ca or (905) 836-8755.

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