Making tax time less taxing | Part 1 | Back to News
Posted 2006-02-23
(Continue from part 1)
For personal tax payments, CRA has established a National Collections Call Centre that telephones individuals to pay their quarterly tax installments for the year. There are three methods in which to pay personal tax installments;
1) CRA method,
2) Prior Year method,
3) Current Year method.
If a taxpayer's current year income will not give rise to tax installments, then no installments are legally required and that CRA is basing their requirement to pay tax installments according to their method which may differ from the method actually used.
The CRA has implemented a new electronic service called "represent a client". If authorized by an individual taxpayer, tax advisors can obtain tax related information online. This provides tax practitioners with an efficient way of preparing client personal tax returns for the 2005 and onwards taxation years reducing the expense of added accountant charge time.
Part 3
