Taxes!!

[mimi]

If you have owed monies to RCA last year, they may require you to pay their estimated tax owing (based on your previous year income) every 3 months. They will send you the form. Gotta love the tax man

[Inspired by Reggio]

If you have owed monies to RCA last year, they may require you to pay their estimated tax owing (based on your previous year income) every 3 months. They will send you the form. Gotta love the tax man

Yes 'prepaid tax installments' are required by self employed persons if you owed more than $3000 in income tax the previous years ... if you go two or more years without owing that much than you can return to waiting until April 30th to pay in one lump sum again!

http://www.cra-arc.gc.ca/E/pub/tg/p110/p110-e.html

Personally I have been self employed for 6 tax returns now and never been required to pay in installments for the upcoming year and hope I never have to cause I do not want the tax man getting my money any earlier than absolutely necessary ~ I prefer to keep it in my savings earning interest rather than being mismanaged by the government!