You may have to pay tax by instalments if your income does not have enough tax withheld or if you
are self-employed, have rental or investment income, certain pension payments, or have income from
more than one job.
Factors to consider
There are two factors to help determine if you have to pay tax instalments:
1) Province or territory where you live
The province or territory where you live on December 31 determines your net tax owing for tax
instalments.
All residents (except Quebec)
If your net tax owing is more than $3,000.
OR
Quebec residents
If your net tax owing is more than $1,800.
2) Net tax owing
Use the calculation chart for instalment payments for 2022 (PDF) to determine your estimated
net tax owing and the total instalment amount you owe.
You have to pay your income tax by instalments for 2022 if both apply
Net tax owing in 2022
If your net tax owing is more than $3,000,
or $1,800 for Quebec
AND
Nettax owing in 2021 or 2020. If your net tax owing in either 2021 or 2020
is also more than $3,000, or $1,800 for Quebec.
If your main source of income in 2022 is from farming or fishing, you may also have to make
instalment payments.
(Please find the following parts of the article in our next posts. The original article can be found here).
*The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions, a further review should be done by a qualified professional. No individual or organization involved in either the preparation or distribution of this text accepts any contractual, tortious, or any other form of liability for its contents.
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