Tax instalment requirements for individuals
You may be required to pay tax by instalments if your income does not have enough tax withheld or if you are self‑employed, have rental/investment income, receive certain pension payments or earn income from multiple jobs.
Typically, the Canada Revenue Agency (CRA) sends instalment reminders to individuals who will likely have to pay tax instalments. Most individuals who have to pay instalments for 2024 must remit their payments by the following due dates:
March 15: Deadline for first quarterly personal tax instalment
June 15: Deadline for second quarterly personal tax instalment
Sept. 15: Deadline for third quarterly personal tax instalment
Dec. 15: Deadline for fourth quarterly personal tax instalment
When a due date falls on a Saturday, Sunday or public holiday recognized by the CRA, your payment will be considered paid on time if it is received on the following business day. Please note that if any required instalment payment is late or insufficient, you may have to pay instalment interest and penalty charges.
If you have any questions or concerns about potential instalment obligations, or any other tax-related matter, simply contact us.
Please note that while every effort has been made to ensure the accuracy of this information, posts written in the past may not be fully reflective of current applicable obligations, rights and benefits.