I’m in the same boat. I called and they said I don’t need to pay but there may be interest owed. It’s because of my rental income. Can pay April as I’ve always done in the past. They’ll get my money when I’m damn ready to pay it.
I’m in the same boat. I called and they said I don’t need to pay but there may be interest owed. It’s because of my rental income. Can pay April as I’ve always done in the past. They’ll get my money when I’m damn ready to pay it.
yeah i have to make 2 payments, once before sept 15 and on e before dec 15
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^^ Fact CheckedOriginally Posted by JRSC00LUDEThis quote is hidden because you are ignoring this member. Show Quote
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It's just absolutely incredible to me that they are going to charge interest on these installments when the fucking taxes aren't even due until April next year. Ridiculous.
Looking around
Wondering what became
Of what I once knew
So would the smart move be to rigorously estimate your taxes, send them only what you think you will owe as the instalment payments, and worst case your math is wrong and you pay a minute amount of interest on the amount that was in error.
Presumably the CRA can’t charge you interest on an amount that isn’t truly owed?
Or is that not how this works?
Originally posted by Thales of Miletus
If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
Originally posted by Toma
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no, they give you a specific amount you must pay to avoid interest feesThis quote is hidden because you are ignoring this member. Show Quote
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^^ Fact CheckedOriginally Posted by JRSC00LUDEThis quote is hidden because you are ignoring this member. Show Quote
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Interesting, i have only ever known people who have had this due to high net worth and substantial investment income. Is there some form of appeal process where you can bicker over the amount?
Or keep sending them letters appealing to push the date further and further in the future?
I would be surprised if there wasn't some mechanism?
Originally posted by Thales of Miletus
If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
Originally posted by Toma
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They guess high and you have to pay ahead of time or pay interest. Yep, sounds like typical government bullshit.
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Everyone has to pay installment tax now. Deficits cost money you know.This quote is hidden because you are ignoring this member. Show Quote
I get this every yr, just make sure your tax owning next yr will be <3k you will not need to pay installments. There are 3 options given on the letter.
Thats just the tip of the iceberg. with the fucking fruit loop in Canada pissing away money, were not far off (within this generation) from government 'bail ins' where they take your money out of the banks like in many countries.This quote is hidden because you are ignoring this member. Show Quote
That's exactly what's happening to me here. They are telling me that I need to pay almost $1k more than my entire tax owing bill for the 2018 year.This quote is hidden because you are ignoring this member. Show Quote
Looking around
Wondering what became
Of what I once knew
I’ve ignored these. First time I got them was when I made some stock sales at the end of the year, and the next year they wanted $40k a quarter in installments. Fuck that haha. As long as next years tax liabilities are met through deductions or you’re making enough installments to be at 0 owing at the end of the year, you won’t get charged interest or penalty. They called a few times asking for money, I explained the situation, they still wanted me to pay never explaining how it actually works.
The trick is to defer non deducted income until the reminders go away. You only get charged interest and penalty if they’re sending reminders for that tax year. Then the cycle starts again.
Originally posted by SEANBANERJEE
I have gone above and beyond what I should rightfully have to do to protect my good name
I could have my employer deduct no income tax and then pay it all come tax time. At least I'm pretty sure I can hahahaThis quote is hidden because you are ignoring this member. Show Quote
And you’ll get the reminders next year that stops that from happening. Actually I’m not sure if employer is even allowed to do that.This quote is hidden because you are ignoring this member. Show Quote
Originally posted by SEANBANERJEE
I have gone above and beyond what I should rightfully have to do to protect my good name
I got one as well. They want $40k from me over the rest of the year. I got some inheritance (dads pension) that caused a decent bill last year. To which I paid on time. I won’t be owing anything for 2019, in fact I should get a decent amount back. Can I toss this bullshit?
Inheritance in not taxable, so... WtF is going on, here?This quote is hidden because you are ignoring this member. Show Quote
Oh wait. It wasn't a cash infusion? You inherited his pension? I thought only spouses could get that.
Nope. Minute you have employees you must do payroll monthly now.This quote is hidden because you are ignoring this member. Show Quote
Yea, what I meant was if employers are allowed to adjust to zero deductions on the request of employees. I know you can request to have more deducted. Not sure if other way is allowed.This quote is hidden because you are ignoring this member. Show Quote
Originally posted by SEANBANERJEE
I have gone above and beyond what I should rightfully have to do to protect my good name
This sounds exactly like I was suggesting...This quote is hidden because you are ignoring this member. Show Quote
So who’s full of shit? Aside from the CRA obviously.
Originally posted by Thales of Miletus
If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
Originally posted by Toma
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Yea I'm a downtown office boy. I don't belong there.This quote is hidden because you are ignoring this member. Show Quote
I must have a doppleganger because I've been gone for 2 months now and that's the 3rd time I heard that people have seen me around.