Installment payments for clients who owe taxes
Under the Income Tax Act, quarterly tax installments are required for this tax year if a taxpayer’s “net tax owing” for 2021 will be more than $3,000, and they also owed more than $3,000 in either 2020 or 2019. (For tax filers in Quebec, the threshold is $1,800 owing.)
Original Article Source Credits: Advisor's Edge, https://www.advisor.ca/
Article Written By: Jamie Golombek
Original Article Posted on: 11th May 2021
Link to Original Article: https://www.advisor.ca/tax/tax-news/instalment-payments-for-clients-who-owe-taxes/