If you happen to miss an installment payment it’s not the end of the world; however, you may unfortunately have to pay interest on the amount that you owe up until the time of payment. If the amount owing is larger there may be some penalties charged as well.
Your personal income tax installments are due quarterly throughout the year, which means there are 4 payments that you need to make in one year. The dates they are due are March 15 June 15 September 15 December 15 The government is more than happy to take your money so you can make payments anytime [...]
If the CRA requires you to pay in installments you will receive a letter in the mail detailing the amounts that you should pay and the dates on which you pay them. There are several ways you can pay. Pay at the bank. When you receive your letter in the mail detailing your installment payments, [...]
In Ontario if you owe more than $3000 in taxes for 2 out of the past 3 years, you will have to pay the CRA installment payments. Once the government knows that you owe more than $3000 for 2 out of 3 of the past years, you will receive a letter in the mail that [...]