Tax Installments

Author: Heidi Ibrahim | | Categories: accounting and tax services , accounting services , bookkeeping services , chartered accountant , e file , hst preparation , small business accountant , tax accountant , tax filing , tax preparation , tax return

Income tax installments are periodic income tax payments that the individual tax payer has to pay to cover the taxes that they otherwise have to on April 30th of the following year.

You may have to pay your taxes in installments if not enough income tax was withheld from your income.

If the CRA has determined that you might have to pay your taxes in installments, they will send you an Installment Reminder, the suggested amounts you need to pay and the dates the payments are due.

The installment threshold for individuals has increased to $3000 or $1800 if you were a resident of Quebec.

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