Did you (or the company on your behalf) make any tax instalment payments...
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Posted on: 06-02-09 08:42:19
I'am filing the tax orgaziner for 2008 sent by my auditor for the first time, there is this question
"Did you (or the company on your behalf) make any tax instalment payments during the year?" - Yes/No
what does this mean? is this the amount(tax) deducted everymonth in the payslip?
Quote:
Originally posted by quest
I'am filing the tax orgaziner for 2008 sent by my auditor for the first time, there is this question
"Did you (or the company on your behalf) make any tax instalment payments during the year?" - Yes/No
what does this mean? is this the amount(tax) deducted everymonth in the payslip?
It seems that it may not be applicable to you.
When a person is employed than his/her employer deducts the tax on source and it is shown in his/her T4.
However, for a self employed person or an independent contractor this tax is not deducted at source and he/she has to pay the tax at the time of filing return. If the tax amount payable is more than $3000 then the CRA sends you an installment notice to deposit quarterly installments in advance. Hence, if you were a self employed person in 2007 and had a total tax payable of $3000 or more, then the CRA would have sent you notice of installments but it seems that you were employed in a job and had your tax deducted at source so this is not applicable to you.
For further information, follow this http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/pymnts/nstlmnts/pymnts-eng.html
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
thanks!
