How do quarterly income tax installments work?

Author: External Author | | Categories: Income Tax Preparation , Tax Accountant , Tax Services

Personal income tax owing is due by April 30 each year, except for years like 2022 when that date falls on a weekend. When that happens, the deadline is extended to the next business day. For 2022, the deadline is May 2.

Taxpayers whose net tax owing is more than $3,000 in two consecutive years will be asked to pay quarterly tax installments. For Quebec residents, the federal tax threshold is only $1,800 (Quebec taxpayers may also have provincial tax installments). 

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Original Article Source Credits:   Moneysense ,

Article Written By:  JASON HEATH 

Original Article Posted on:   APRIL 25, 2022

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