CRA Self-Employment Tax Instalments

by Bookkeeping Essentials
(Prince George, BC, Canada)

CRA's revised publication P110 Paying Your Income Tax by Instalments walks you through your different instalment calculation options, remittance requirements ... and has a tax instalment calculation worksheet which includes CPP and voluntary EI payments.

It also explains how you can reduce your instalment(s) and the interest and penalties charged for non-payment / late payment.

Your instalments can be paid using Form T1162A-1 or online using My Payment.

The Knowledge Bureau Enews (November 24, 2010) recommends speaking with your tax advisor to avoid overpayment of your instalments.

Have your tax advisor complete the Estimation of Income and maximize your RRSP contribution room as a possible way to reduce or avoid your December 15 instalment.

You can find the publication at> Forms and Publications> Publications listed by publication> P> P110 Paying Your Income Tax by Instalments.

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Resources.

Enjoy A Tea Break With
Me Today. Let's Chat!

Use the search feature to quickly find the
information you're looking for.

Your Learning Curve!


Join Me On Facebook

Help support this site by "liking" me! Here's where I post current information.

Listed Under Websites NOT Local Business.
This website is NOT associated with the business operating in Bonnyville AB.

A Handy Reference