FAQ - Tax Instalments

Do I have to pay personal tax instalments?

  • If your balance owing is over $3,000 in either of the previous two years and you will owe that amount or more in the current year.
  • Then you should make quarterly instalments (March 15, June 15, September 15, December 15).
  • The letter attached to your personal income tax return we prepared for you last year will have your instalment requirements for the current year.
  • One option is to take the amount you owed last year, divide that amount by 4 and remit that amount every quarter.

Do I have to pay business tax instalments?

  • Federal tax instalments are required for corporations owing more than $3,000 in the last income tax return.
  • Federal corporate instalments are required monthly.
  • Most corporations can take the amount they owned last year, divide it by 12 and remit that amount every month.
  • For active small businesses there is no instalment required for the taxes due to the Alberta government. These taxes are due three months after your year end date.

Tip - Interest will be assessed on any required unpaid instalments at the prescribed rate. If you over contribute on your instalments you are entitled to get the excess refunded or applied to your next years instalment account.

ZENALLY

Chartered Professional Accountants LLP

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