Income tax paid by instalmentsTo enter the amount of instalments that you have paid, please follow the procedure below:
1. In the "Left side menu on the Interview tab", select "Interview setup".
2. On the right-hand side page, in the group "Tax paid by instalments and tax transfer", check the box "Tax paid by instalment and tax transfer" and click "Next" at the bottom of the page.
3. Return to the "Left side menu on the Interview tab" and select "Instalments and tax transfers". On the page to your right, click on the plus "+" icon to the right of the line "Income tax paid by instalments".
4. On the new page, enter the instalments paid for the tax year for both the federal and Quebec levels.
These amounts will be carried over by the program on line 47600 of the federal return and on line 453 of the Quebec return.
If applicable, the program will prepare an estimate of the tax instalment calculation for the next tax year. To view this estimate, go to the "Tax Return" tab and, in the left column, click on the lines "Instalment payments. (Federal)"and for residents of Québec "Instalment payments. (Québec)".
Furthermore, both the CRA and Revenu Québec will inform you of their estimated instalment payments that you will have to pay within the allotted time.
Both the CRA and Revenu Québec could charge interest and in some cases penalties if you do not meet the payment deadlines.
For more information on this topic, visit the following links:
For CRA:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/making-payments-individuals/paying-your-income-tax-instalments.html< /div>
For Revenu Quebec:
https://www.revenuquebec.ca/en/citizens/income-tax-return/paying-a-balance-due-or-receiving-a-refund/instalment-payments/making-instalment-payments/ID: 20201118150251DE.xml
Webpage: KPA310-20201118150251DE.htm