Question

Is the quarterly tax instalments that is asking for my mom just the monthly payment she made which was 241 a month times 3?

Forum|Forum|4 years ago
March 13, 2022
1 reply
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My mom had EI and had to pay, she chose to do monthly payment which was 241 a month, can you explain to me exactly what the quarterly tax instalments is asking me for

M

Mia48

Instalments are periodic payments of income tax that individuals pay to the CRA to cover tax they'd otherwise have to pay on April 30 of the following year. These payments are credited to an installment account.

Typically, people pay their tax by having it withheld from their income throughout the year. However, if you receive income that has no tax ( or not enough tax withheld), you might have to pay tax in instalments. This can happen if you receive rental, investment, or self-employment income, certain pension payments, or income from more than one job.

For more information, please see TurboTax FAQ What are instalment payments and how do I enter them in TurboTax?

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