There are three instalment payment options:
1. The no-calculation option:
You pay the amount shown on each instalment reminder (sent to you by Canada Revenue Agency) by each due date.
6If you choose the no-calculation option and make the payments shown on the reminders by their due dates, Canada Revenue Agency will not charge any interest or penalties if the instalments are less than the total amount of tax you end up owing at the end of the year. If you pay too much, Canada Revenue Agency will send you a refund.
2. The prior-year option:
You pay one-quarter of your prior year taxes and any CPP payable by each due date.
3. The current-year option:
You pay one-quarter of your estimated current year taxes and any CPP payable by each due date.
