Instalments Flashcards

1
Q

Instalment threshold for individuals

A

$3,000 ($1,800 Quebec)

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2
Q

When are instalments required for individuals?

A

If the tax owing (on income not subject to withholding) in the current year and in one of the two preceding years exceeds the threshold of $3,000 ($1,800 Quebec)

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3
Q

Calculations for Instalments

A

Each instalment is computed as the least of:

  • 1/4 of the estimated tax payable for the current year;
  • 1/4 of tax payable for the immediately preceding year;
  • 1/4 of tax payable for the second preceding year for the March and June instalments, and 1/2 of [the tax payable for the preceding tax year net of the March and June payments] for the Sept. and Dec. instalments
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