Tax question

[5 Little Monkeys]

Crayola, I owe about the same as you and am wondering about the monthly payments you make. Do you make these payments for the next year in advance? Are you paying it to the gov't? Do you find this is better than just setting money aside each month (this is what I currently do).

Sorry for all the questions lol. I'm just wondering if that option is better than what I'm doing now.

[torontokids]

5 Little Monkeys- my understanding from talking to my accountant last year is that this is free service (meaning no interest etc) that you set up after one year of business with Revenue Canada. They basically look at what you pay this yr and divide it by 4 and you send them 4 payments (quarterly). Anything left owing you pay at tax time.