Tax Installments

[Spixie33]

Do you mean that you want to set a portion of your income aside for income tax purposes in preparation for the next year? are you wondering how much to set aside every month?

Or do you mean that you know you will owe XXX$ and don't want to pay it all at once and want to set up a repayment plan with revenue Canada? In this case you call Revenue Canada and tell them that you owe XXX$ and can't afford to pay it as a lump sum and ask them what your options are for paying it. They will usually advise you how much it would be monthly, or semi monthly etc and let you know all the details and set it up with you over the phone.

[lunademiel]

I've started to put away one child's fee. She's only part time but every little bit will help!

[Cadillac]

Do you mean that you want to set a portion of your income aside for income tax purposes in preparation for the next year? are you wondering how much to set aside every month?

Or do you mean that you know you will owe XXX$ and don't want to pay it all at once and want to set up a repayment plan with revenue Canada? In this case you call Revenue Canada and tell them that you owe XXX$ and can't afford to pay it as a lump sum and ask them what your options are for paying it. They will usually advise you how much it would be monthly, or semi monthly etc and let you know all the details and set it up with you over the phone.

I didn't want to go this route because they add interest after april 30th.

[Skysue]

Ladies have you actually had to owe at the end of the year? We get to right off so much that it seems not fare if we would have to owe? Doing mine for the 1st time this year now I feel really sick!

[Inspired by Reggio]

Ladies have you actually had to owe at the end of the year? We get to right off so much that it seems not fare if we would have to owe? Doing mine for the 1st time this year now I feel really sick!

How much you pay or not will depend on your 'household' income and other factors ... I have peers who get 'refunds' between them and their spouse being eligible for credits and others who have to pay between $500 - $1500 and a few who have to pay even more than that.

Depending on how much you owe in one year you have no choice but to do the 'installments' - forget how much it is - somewhere around that $1500 mark ... however unless I HAD to do the installments I personally would rather KEEP my money until April 30th final due date ... I put aside money each month into a high interest savings account for taxes and want to earn as much as possible on it before handing it over to the Tax man

[Spixie33]

Ladies have you actually had to owe at the end of the year? We get to right off so much that it seems not fare if we would have to owe? Doing mine for the 1st time this year now I feel really sick!

I think it is possible to owe depending on how organized you are with receipts, write offs and your spouses income etc.

Our teacher during a Daycare course said that most people should be able to make about 25,000 a year and have no money owing if they do their write offs

I am scared every year when I go see the accountant. lol So far so good but it is still scary to think that one of these days it could happen that I owe. I think my hubbies refund usually balances stuff out for us.