Tax Instalments

Income tax policy, rules, problems, strategy and software. Property and consumption taxes too.
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Peculiar_Investor
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Re: Tax Instalments

Post by Peculiar_Investor »

SQRT wrote: 15 Dec 2017 10:15
BRIAN5000 wrote: 13 Dec 2017 14:06 Bump coming soon
Almost forgot. Whew!!
Use postdated transactions and then you can safely forget :wink: When we receive our notices, I set postdated transactions for the next two dates and then I don't have to worry about them any further.
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Re: Tax Instalments

Post by SQRT »

Peculiar_Investor wrote: 15 Dec 2017 10:17
SQRT wrote: 15 Dec 2017 10:15
BRIAN5000 wrote: 13 Dec 2017 14:06 Bump coming soon
Almost forgot. Whew!!
Use postdated transactions and then you can safely forget :wink: When we receive our notices, I set postdated transactions for the next two dates and then I don't have to worry about them any further.
Yes, I could do that but would also have to post date a transfer into the bank account as I generally don’t keep enough in my chequing account to cover a tax instalment. Not sure I can post date a transfer? Probably?
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Re: Tax Instalments

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SQRT wrote: 15 Dec 2017 10:20
Peculiar_Investor wrote: 15 Dec 2017 10:17
SQRT wrote: 15 Dec 2017 10:15 Almost forgot. Whew!!
Use postdated transactions and then you can safely forget :wink: When we receive our notices, I set postdated transactions for the next two dates and then I don't have to worry about them any further.
Yes, I could do that but would also have to post date a transfer into the bank account as I generally don’t keep enough in my chequing account to cover a tax instalment. Not sure I can post date a transfer? Probably?
You can most certainly postdate a transfer.
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Re: Tax Instalments

Post by tedster »

adrian2 wrote
ou can most certainly postdate a transfer.
es,he is right. Even klutz like me does that. I post dated transfers from one bank account to another and then the tax payments to CRA and The Quebec Ministere. I do this with CIBC.
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Re: Tax Instalments

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Peculiar_Investor wrote: 15 Dec 2017 10:17Use postdated transactions and then you can safely forget :wink: When we receive our notices, I set postdated transactions for the next two dates and then I don't have to worry about them any further.
Yup. Once I get the government's demand for quarterlies, I set up the bill payments to look after them. Then the only thing I have to attend to is having enough cash in the accounts to cover them. But I also have overdraft protection in case I am not sufficiently liquid at the time.
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Re: Tax Instalments

Post by pmj »

I don't think one can post-date transfers at TD?
Closest I can find is bill payments to a personal payee - so maybe one could set-up oneself as a personal payee?
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Re: Tax Instalments

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Yes you can set up bill payments to several accounts. Just pay attention to their descriptions. You can also set up payments to other brokerages.

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Re: Tax Instalments

Post by Jaunty »

pmj wrote: 16 Dec 2017 09:59 I don't think one can post-date transfers at TD?
Closest I can find is bill payments to a personal payee - so maybe one could set-up oneself as a personal payee?
I post date at TD frequently.
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Re: Tax Instalments

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Jaunty wrote: 18 Dec 2017 20:19
pmj wrote: 16 Dec 2017 09:59 I don't think one can post-date transfers at TD?
Closest I can find is bill payments to a personal payee - so maybe one could set-up oneself as a personal payee?
I post date at TD frequently.
Gonna have to bite. I don't see anywhere in the process of creating a transfer that a date can be input? This is what I see:
From account
To account
Amount
New screen
Confirm
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Re: Tax Instalments

Post by tedster »

At CIBC, I select all kinds of payees. CRA, Ministere du Revenu, Costco, Belair Direct. Visa, a frien. Then I go to pay bills and select a payee, put in the date and the amount and submit. That's it.
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Re: Tax Instalments

Post by pmj »

The discussion is not about bill payments to others, it is about transfers between one's own accounts ...
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Re: Tax Instalments

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Screenshot from Simplii:
simplii.png
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Re: Tax Instalments

Post by AltaRed »

Simplii is still doing what PC Financial used to do. Scotiabank also allows one to date transfers between one's own accounts, and to do it once, or on a recurring basis. I set up dated transfers when I think it makes sense to do so. Some posts here are confusing account transfer processes with Bill Payment proessses.

I can't imagine the green machine not having this feature.
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Re: Tax Instalments

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AltaRed wrote: 19 Dec 2017 10:58 Some posts here are confusing account transfer processes with Bill Payment processes.

I can't imagine the green machine not having this feature.
Yes, tax installments are bill payments with CRA being the payee.
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Re: Tax Instalments

Post by AltaRed »

I meant TD not having account to account transfers, not Bill Payments. I believe SQRT was complaining about not having scheduled account to account transfers to make sure money was in his account before a Bill Payment is made.
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Re: Tax Instalments

Post by Insomniac »

OK. The thread is about tax installments - just wanted to clarify.
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Re: Tax Instalments

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AltaRed wrote: 19 Dec 2017 10:58I can't imagine the green machine not having this feature.
Yes it is amazing how much the green has fallen behind in banking convenience features. No date driven money transfers between accounts nor for interac e-transfers. And with the limits on daily, weekly and monthly amounts for e-transfers, this is a serious limitation. For accounts, it just increases the onus/workload for cash management.
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Re: Tax Instalments

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AltaRed wrote: 19 Dec 2017 10:58I can't imagine the green machine not having this feature.
But it doesn't! Just for certainty, I've sent a Q to TD's help desk. I'll post the answer, in due course.
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Re: Tax Instalments

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pmj wrote: 19 Dec 2017 00:08
Jaunty wrote: 18 Dec 2017 20:19
pmj wrote: 16 Dec 2017 09:59 I don't think one can post-date transfers at TD?
Closest I can find is bill payments to a personal payee - so maybe one could set-up oneself as a personal payee?
I post date at TD frequently.
Gonna have to bite. I don't see anywhere in the process of creating a transfer that a date can be input? This is what I see:
From account
To account
Amount
New screen
Confirm
Yep, I goofed. I was thinking of paying CRA, not myself. The odd time I need a transfer reminder, I put it into my calendar - but in general I transfer enough money, if any is needed, at the first of the month, to handle that month's charges.
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Re: Tax Instalments

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pmj wrote: 19 Dec 2017 12:39
AltaRed wrote: 19 Dec 2017 10:58I can't imagine the green machine not having this feature.
But it doesn't! Just for certainty, I've sent a Q to TD's help desk. I'll post the answer, in due course.
TD Helps wrote:While you can make post-dated bill payments within EasyWeb, it's not currently possible to set up a post dated transfer using the EasyWeb transfer feature. However, you may set up a "Personal Payee" to another TD account. This will allow you to use the bill payment system to post date your transfer. To set up a Personal Payee (that will show up on your list of payees in EasyWeb) you'll need to give us a call at 1-866-222-3456.
As originally posted :shock:.
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Re: Tax Instalments

Post by tedster »

I transfer money between accounts at CIBC regularly. Plus I can post date the transfer.
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Re: Tax Instalments

Post by max88 »

kcowan wrote: 19 Dec 2017 12:38
AltaRed wrote: 19 Dec 2017 10:58I can't imagine the green machine not having this feature.
Yes it is amazing how much the green has fallen behind in banking convenience features. No date driven money transfers between accounts nor for interac e-transfers. And with the limits on daily, weekly and monthly amounts for e-transfers, this is a serious limitation. For accounts, it just increases the onus/workload for cash management.
If banks remove the distinction between savings and chequing account, none of these are a problem. I cannot imagine that a banking system cannot be configured to use savings account to pay bills, or to set a decent interest rate on a chequing account.
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Re: Tax Instalments

Post by SQRT »

So I think, with all this discussion, there is really no likelihood of me ever setting up CRA instalments and then “forgetting” about them. The instalments can be pretty big (mid 5 figures) and there is no way I wouldn’t be checking the system before each payment date to make sure they were set up. So I’ll just carry on.
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Re: Tax Instalments

Post by pmj »

It's kinda sad how poorly-served we are by the big banks :(.
My mother's bank in the UK, Barclays, has auto-transfers that can be triggered by both low and high thresholds to move money between any of her accounts. Provided there's enough money _somewhere_, no bill would go unpaid, or create a debit balance. And with no fees :shock:.
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Re: Tax Instalments

Post by kcowan »

Even here in Mexico, you can transfer money to anyone that has an account in a Mexican bank. I pay my property and car insurance and my property manager that way. It is much more secure that an email transfer! And it is free.
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