Instalments

When you owe more than $1,200 in taxes to the federal government and $2,000 to the provincial government, you will be asked to make instalments for the coming year. The deadlines for these payments are: March 15, June 15, September 15 and December 15.

The amount of the March and June instalments is generally based on the balance payable for the previous year, and the September and December instalments on the balance payable for the preceding year minus the first two payments

However, you may choose to have the four payments calculated based solely on the balance payable for the previous year, or on an estimate of the balance payable for the current year. This may be to your advantage if you have less tax to pay than in the previous year.