Tax question

[5 Little Monkeys]

Thanks Torontokids....so if I'm understanding, there really isn't a huge benefit of doing this over just setting money aside each month?

[Mike]

Thanks Torontokids....so if I'm understanding, there really isn't a huge benefit of doing this over just setting money aside each month?

If you didn't pay tax on business last year, it could be more logical to put money aside and earn interest on it. Otherwise, you give it to the government and they make interest on it.

[Crayola kiddies]

yes that happened to my husband ....he didn't make installments thru the year and he got an interest bill...yes 5 LM I just send monthly payments to the government ( I chose the amount so I hope I don't get an interest bill) and for me I would rather send it to the government every month then trust myself to save it ...it just works better for me ....and I made it part of my budget so its affordable. I use internet banking so the heading was revenue Canada instalments