Tax Installments

[emmsmama]

Thanks for all the replies. Just to clarify, I know I have to pay the 5K due now before the end of this month. Actually, I think I have until the middle of June to pay it because I'm self-employed, but either way, I know I have to pay that very soon and am prepared to do so. To the poster who asked how I owe so much, I don't know, part of it was reg. taxes and part was CPP (over 2K was CPP). In previous years I've made less and owed very little, sometimes only CPP, but this year I made about 32K and it came out to about 27K after deductions, so I figured I'd have a good amount to pay.

I was wondering how installments work is all. I'd rather just pay one lump sum at tax time so I can keep my money in my own account until then, but I also didn't want to get hit with interest or penalty charges for installments I hadn't even been notified of. If the CRA sends me something with my bill for this year that says to make installments then I'll make them as that is simple enough, but I was just freaked out because I had never, in over 10 years of doing home daycare, had to make installments. Then again, when I looked back to 2005, which is the oldest records I have, I realized I've never made as much as this year or had to pay as much. Not that 30K is tons of money, but it's more than in past years