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Thread: 2020 CRA Installments

  1. #1
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    Default 2020 CRA Installments

    Anyone else recently get some weird BS request from the CRA to pay installments?

    My wife was laid off from both of her jobs last march so she collected max CERB, then moved onto EI/Mat Leave toward the end of 2020. CRA sent her a letter requesting her to pay a $3,000 installment by March 15. Not convinced she will owe nearly that much ( hard to say where dust will settle as she has some outstanding T slips ) but whatever.

    Letter is pretty vaguely worded and makes it sound like the installments are kindof voluntary, unless they are not in which case they will charge interest ( which is BS considering the time of the year relative to tax filing season but whatever ).

    I assume this is around the whole CERB not being taxed thing ( Though notably if you are a CERB fraudster they are cool with you taking a couple years to pay it back interest free, fuck this country ).

    Anyone with experience around installments have advice? Is the "smart" move to pay the $3k JIC and see where it nets out once I file in April?

    Whole situation just seems so bizarre to me but whatever. Not interested in spending 6 hours on hold with CRA to ask them the question just for them to give me the wrong advice and not be liable for it.

    TIA
    Originally posted by Thales of Miletus

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    I've been asked to pay installments based on prior years income. I ignored it and they never followed up.

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    Yea the whole “it’s voluntary unless it’s not” thing is kindof BS
    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.
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    You can ignore, and will not have any interest fees if you are confident you won't owe that much.

    Worse case if you're wrong, they'll charge the interest.

    I've missed paying it in the past and had to pay the interest, and I've also intentionally missed some when I knew I wouldn't owe by end of year and there was no interest penalty.
    ---

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    Nothing more fun then the government asking you to pay money you don't even owe yet.

    We recieved the letter last year for personal and business. Paid both thought it was mandatory. Was at the accountants yest and he said it's voluntary.
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    So smart move is probably to pseudo rigorously estimate her oweing before the 15th even if it’s not finalized and make the call?

    She made pretty well dick all last year aside from the CERB. Taxes owed on CERB should be 1k MAX if my marth is right.
    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.
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    Quote Originally Posted by killramos View Post
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    So smart move is probably to pseudo rigorously estimate her oweing before the 15th even if it’s not finalized and make the call?

    She made pretty well dick all last year aside from the CERB. Taxes owed on CERB should be 1k MAX if my marth is right.
    Aren't tax instalments only triggered when you report income with no tax deduction for 2 years or more? That was my understanding anyway.

    The instalments are for the 2021 tax year, CRA basically expecting the same income sources with inadequate tax withholding so they're asking for the instalment payments. If you're expecting similar income for this year, then pay it to avoid the interest charges.
    ---

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    Good question. I really have no idea why she's being asked to pay installments. She's a teacher working for the CBE ( taxed ) and does a bit of swim coaching on the side ( Also taxed ). She has some investment income in addition but who doesn't?

    So sounds to me like something bizarre is going on beyond the CERB thing I assumed it was.
    Originally posted by Thales of Miletus

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    Quote Originally Posted by killramos View Post
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    Good question. I really have no idea why she's being asked to pay installments. She's a teacher working for the CBE ( taxed ) and does a bit of swim coaching on the side ( Also taxed ). She has some investment income in addition but who doesn't?

    So sounds to me like something bizarre is going on beyond the CERB thing I assumed it was.
    I think the cutoff is around 60K, the CRA is expecting income taxes from your wife based on the prior year and they haven't received it so then you get that letter. It's automated. You don't have to pay anything. If she did in fact make that much in 2020 you'll get dinged some interest but it's not very much.

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    Ok cool. Might be worth to risk the small amount of interest in the end versus parking 3k a quarter with them ( as if they don’t have enough of my money).
    Originally posted by Thales of Miletus

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    Quote Originally Posted by kenny View Post
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    You can ignore, and will not have any interest fees if you are confident you won't owe that much.

    Worse case if you're wrong, they'll charge the interest.

    I've missed paying it in the past and had to pay the interest, and I've also intentionally missed some when I knew I wouldn't owe by end of year and there was no interest penalty.
    what's the interest like? i know they asked me for installments last year and i totally forgot, i owe them like 15k, so i am curious to see how they calculate interest on that.
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    Quote Originally Posted by Thaco View Post
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    what's the interest like? i know they asked me for installments last year and i totally forgot, i owe them like 15k, so i am curious to see how they calculate interest on that.
    It used to be very miniscule, like 0.5%, it's more like 1.25% these days. But it's calculated a bit weird, since quarterly payment is all that's required only the first quarter's allocation would be charged a full period's interest, which is actually only 3/4 of a year since the payment is due at the end of that quarter.

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    Quote Originally Posted by suntan View Post
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    It used to be very miniscule, like 0.5%, it's more like 1.25% these days. But it's calculated a bit weird, since quarterly payment is all that's required only the first quarter's allocation would be charged a full period's interest, which is actually only 3/4 of a year since the payment is due at the end of that quarter.
    oh, that's not so bad, probably a couple hundred bucks at worst.... might be better to just take the hit and invest that money.
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    Quote Originally Posted by rage2 View Post
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    It's not the size that matters, it's the taste it leaves in your mouth.

    Quote Originally Posted by JRSC00LUDE
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    I say stupid shit all the time.
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    Yeah I never pay the installments. I just take the < $200 penalty. Small price to pay for the liquidity.

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    Didn’t really feel like making a new thread, and this is my thread anyway so fuck it.

    Anyone else having issues this year / historically with CRA sitting on your return for 2-3 months?

    Filed in early March. Received a review letter mid March which I responded to the next day. Been over 2 months since then and I’m stuck in processing purgatory.

    Everything is T slipped. This return isn’t rocket science. I wouldn’t even care except that the amount owing is to me and it’s not insignificant.

    Would following up accomplish anything here?
    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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    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    I got my refund a month ago.
    Originally posted by SEANBANERJEE
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    We filed early March and got both our refunds in 3 weeks.

    Quote Originally Posted by killramos View Post
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    D
    Would following up accomplish anything here?
    It would remind you of how incompetent our government services are. Prepare to wait on hold for literally hours, and if you're still on hold at 4:30pm Eastern Time, you'll be cutoff.
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    I don't even know how you'd "follow up" with anyone who would admit to being able to look into the matter.
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Quote Originally Posted by rage2 View Post
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    I got my refund a month ago.
    I submitted my wife’s and my return on the same day. Had money in the account for her 4 days later. Mine is in purgatory.

    Yea the crux of my question is whether waiting on hold with CRA for hours has any COS of fixing things?
    Originally posted by Thales of Miletus

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    guessing who I might be, psychologizing me with your non existent degree.

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    well just use the hold for me feature on your cellphone and it's not that bad. Does mean you can't call anyone else for those hours, but you can still listen to podcasts and music. It's helpful.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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