July 9, 2018

Everything you need to know about paying taxes by instalments, and why ignoring the CRA’s reminders is a bad idea

Not everyone is required to pay their taxes in quarterly installments, but if you do then the June 15th payment deadline is important. If you have to pay quarterly payments, there are several ways to calculate what you owe. This year, the CRA is notifying certain taxpayers through automated telephone messages, so if you hung up on them (thinking it was a spam), then you’ll want to follow up with CRA and make a payment ASAP. It is a mistake to ignore your installation payments. Failure to pay installments on time can result in arrears interest and may also result in penalties.

Read more: Everything you need to know about paying taxes by instalments, and why ignoring the CRA’s reminders is a bad idea

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