Understand that quarterly tax installment payments are advance payments on your income tax that the CRA requires when you consistently owe more than $3,000 in taxes at year-end. If you received a CRA installment notice, you’ve crossed this threshold from your previous tax years, and ignoring it means interest charges that start accumulating immediately at the CRA’s prescribed rate.
Calculate your installment amounts using one of three CRA-approved methods: the no-calculation option (pay exactly what the CRA tells you), the prior-year option (base payments on last year’s total taxes owing), or the current-year …
Stop Scrambling at Tax Time: How Canadian Freelancers Can Pay Taxes Throughout the Year







