During your first year as a sole proprietor, you will not be required to make any personal tax instalment payments. The tax due from your business will be payable on April 30th although your personal tax return is not due until June 15th. If you are taking consulting fees, the same rules apply; however, your personal tax return is due April 30th.
In subsequent years you may be required to make quarterly instalments. For each year where you have to make instalments, the due dates are:
March 15th, June 15th, September 15th, and December 15th.
The amount on your March 15th and June 15th reminders will each be equal to one-quarter the amount of total tax you owed two years earlier.
Canada Revenue Agency will subtract the amounts shown on your March and June reminders from the amount of tax you owed for the prior year and then divide the remaining amount equally for your September and December installment payments.
