How do quarterly income tax installments work?
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).
Original Article Source Credits: Moneysense , https://www.moneysense.ca/
Article Written By: JASON HEATH
Original Article Posted on: APRIL 25, 2022
Link to Original Article: https://www.moneysense.ca/columns/ask-a-planner/how-do-quarterly-income-tax-installments-work/