OTTAWA, ONTARIO--(Marketwire - Dec. 11, 2012) -
Did you know?
If you earn income that has no tax withheld or does not have enough tax withheld for more than one year, you may have to pay tax by instalments. This can happen if you earn rental, investment, or self-employment income, certain pension payments, or income from more than one job.
If you pay your taxes by quarterly instalments, your next payment is due on or before December 15, 2012.
If you have not done so already, why not make the switch and pay online from the comfort of your home or office?
- You are required to pay your income tax by instalments for 2012 if your net tax owing is more than $3,000:
- in 2012; and
- in either 2011 or 2010.
- For any year you lived in Quebec on December 31, you are required to pay your income tax by instalments if your net tax owing for that year is more than $1,800.
- There are four instalment payment due dates: March 15, June 15, September 15, and December 15.
- To determine how much you need to pay each quarter, you can view your instalment reminders online using My Account. To access or sign up for My Account, go to www.cra.gc.ca/myaccount.
- You can make your instalment payment online through your bank by setting up the Canada Revenue Agency (CRA) as a payee.
- Paying online is quick, easy, and completely secure. To find out how you can use online banking to pay your taxes, contact your financial institution. For more information about other payment methods, go to www.cra.gc.ca/payments.
Let the CRA remind you by email when your payment is due
- To receive an email each quarter reminding you of your payment due date, sign up for the "Individuals - Quarterly instalment payment reminders" electronic mailing list. Visit www.cra.gc.ca/lists.
- The CRA processes over 34 million payments on an annual basis.
- Approximately 1 million individuals are required to pay by quarterly instalment payments every year.
- The number of electronic T1 payments has been increasing at a rate of 3-4% per year over the last three years.
To receive updates when new information is added to our Web site, you can:
- Follow the CRA on Twitter - @CanRevAgency.
- Subscribe to a CRA electronic mailing list.
- Add our RSS feeds to your feed reader.
- You can also visit our YouTube Channel for tax-related videos.