Tax Instalments

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tedster
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Re: Tax Instalments

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ltr Yes now I am clear, but I still wish they would report what is actually being sent to them each calendar year. Thanks for everyone's patience.
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AltaRed
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Re: Tax Instalments

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tedster wrote:ltr Yes now I am clear, but I still wish they would report what is actually being sent to them each calendar year. Thanks for everyone's patience.
Why should they report? You know what is deducted at source from your tax slips. CRA does not know any sooner than you do and indeed later than you do since the FI's don't report things like RRIF withholding taxes for the prior year until they issue the tax slips. It does not make your instalment payments wrong either. Everything balances come tax time.
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tedster
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Re: Tax Instalments

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I give up!
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Re: Tax Instalments

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tedster wrote:I give up!
Yes, that's what the CRA wants you to do. Give up and give up more until it hurts.
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Arby
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Re: Tax Instalments

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A reminder that quarterly installments are due on Thursday Dec 15.
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AltaRed
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Re: Tax Instalments

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Arby wrote:A reminder that quarterly installments are due on Thursday Dec 15.
:thumbsup: Scheduled on auto-debit for today actually. Like to be a day or so in advance.
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Re: Tax Instalments

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I paid mine yesterday :x
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Re: Tax Instalments

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OK, here's one for the books. This morning CRA informed me by email that I had a message in My Account. They had sent a "payment summary" showing a payment of $1,454 that was made on Nov 18. I have no record or memory of such a payment. So I called CRA. The agent saw the payment on his screen and it was marked it as a normal installment payment. So he put me on hold for a couple of minutes, then came back and said they couldn't see anything but a normal payment. The only explanation he could think of was that someone accidentally keyed in my SIN when making their payment. But SINs are self-validating so if his/hers is similar to mine they would have had to get 2 digits wrong. I asked the agent what will happen if I simply ignore this payment when filing my return. He said the system will automatically apply it. I think that when I file my return I'll just park $1,454 in my account to make sure they don't dun me for interest if/when the payer triggers an investigation.
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Arby
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Re: Tax Instalments

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I also received an email from CRA this morning to check My Account, but my message was about an Installment Reminder for 2017.
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Re: Tax Instalments

Post by OhGreatGuru »

tedster wrote:ltr Yes now I am clear, but I still wish they would report what is actually being sent to them each calendar year. Thanks for everyone's patience.

They do. The second (or back) page of your Feb.instalment reminder shows the instalments paid the previous year - conveniently in time for you to do your taxes.
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Re: Tax Instalments

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I got a paper notice of assessment and the electronic version was not posted for another 6 weeks, at which point I paid the balance.
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Re: Tax Instalments

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kcowan wrote:I got a paper notice of assessment and the electronic version was not posted for another 6 weeks, at which point I paid the balance.
I have opted out of paper mail from CRA. Get an email notifying of new "mail" in My Account. Works much better given that I am often "somewhere else" and can't get the paper mail.
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Re: Tax Instalments

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Arby wrote:I also received an email from CRA this morning to check My Account, but my message was about an Installment Reminder for 2017.
Likewise....and Bill Payment already scheduled for Mar 13.
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Re: Tax Instalments

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Here is mine:
This is not a bill.
This "Instalment Payment Summary" is not a request for you to make payments. The summary shows instalment payments that we processed as of January 05, 2017. Payments processed after this date can be viewed online immediately.
Amount Date
(snip)
Total payments received for 2016:
(snip)
Where do you enter your instalment payments on your 2016 tax return?
You should enter the total amount of the instalment payments you sent us for 2016 on line 476 of your federal income tax return. If you made an instalment payment for your 2016 taxes that does not appear on this summary, also include that amount on line 476.
We can save some tax money by NOT logging on to see what we already know....
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Re: Tax Instalments

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A reminder that quarterly tax installments are due tomorrow. :!:
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Re: Tax Instalments

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fundamental wrote: 14 Mar 2017 10:40 A reminder that quarterly tax installments are due tomorrow. :!:
It's almost that time again! :!:
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kcowan
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Re: Tax Instalments

Post by kcowan »

Does anyone else schedule these as post-dated payments when you get the notice? Then put a tickler to make sure there is adequate cash to cover.
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Re: Tax Instalments

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kcowan wrote: 13 Jun 2017 17:26 Does anyone else schedule these as post-dated payments when you get the notice?
Indeed. I schedule them in Bill Payment in advance.
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Re: Tax Instalments

Post by Peculiar_Investor »

Like AltaRed, when I receive the notice I use post-dated bill payment to schedule them.
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Re: Tax Instalments

Post by IdOp »

I set them up a couple of weeks ahead of time as bill payments, and at the same time schedule a switch from savings to chequing (one day prior to payment) to cover the amount.
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Re: Tax Instalments

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IdOp wrote: 13 Jun 2017 18:27 I set them up a couple of weeks ahead of time as bill payments, and at the same time schedule a switch from savings to chequing (one day prior to payment) to cover the amount.
:thumbsup: That's how I handle all my bills.
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Re: Tax Instalments

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I get the "alerts" from Quicken. Schedule them accordingly.
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Re: Tax Instalments

Post by IdOp »

Tomorrow is the 15th!
BRIAN5000
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Re: Tax Instalments

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Bump coming soon
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Re: Tax Instalments

Post by SQRT »

BRIAN5000 wrote: 13 Dec 2017 14:06 Bump coming soon
Almost forgot. Whew!!
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