Instalment payments for clients who owe taxes
here are three options used to determine how much taxpayers need to pay each quarter. With most taxpayers having already filed their 2020 tax returns (self-employed workers and their spouses or partners have until June 15 to file), the next tax event is the second quarterly tax instalment for 2021. In February, the Canada Revenue Agency (CRA) sent out reminders to taxpayers who are required to pay quarterly tax instalments. The first instalment was due March 15 and the second is due June 15. According to the CRA, approximately 1.8 million individuals are required to pay income tax by instalments annually.
Original Article Source Credits: Advisor's Edge, https://www.advisor.ca
Article Written By: Jamie Golombek
Original Article Posted on: May 11, 2021
Link to Original Article: https://www.advisor.ca/tax/tax-news/instalment-payments-for-clients-who-owe-taxes