How and when to pay your taxes?

Depending on your type of income and what type of taxpayer you are, there are several ways to go about paying your taxes. Whatever you decide, make sure you pay your taxes on time. The Ministries of Finance, both provincial and federal, have very long arms!

Some types of income are taxed at the source while others are not. For the latter, the tax authorities have established some measures to help them collect their taxes more quickly,(installments) and encouraging quick payments (interest). But did you know that by increasing your source deductions you could avoid having to pay instalments?