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What are installment payments and how do I enter them in TurboTax?

Installments are periodic payments of income tax that individuals pay to CRA to cover tax they would otherwise have to pay on April 30 of the following year. These payments are credited to an installment account.

Typically, people pay their tax by having it withheld from their income throughout the year. However, if you receive income that has no tax, or not enough tax withheld, you might have to pay tax by installments. This can happen if you receive rental, investment, or self-employment income, certain pension payments, or income from more than one job.

Important: Instalment payments are not the same thing as payment arrangements. If you want to pay your balance owing in several payments instead of as a lump sum, visit the CRA page for more info on payment arrangements.

How to enter installment payments in TurboTax:

In the online edition of TurboTax

  1. In the upper-right area of your screen, select Find*.
  2. In the Find window, type Payments Profile, and then select Go.
  3. Select Tax installment payments, and then select Continue.
  4. On the Tax installment payments step, enter your installment amount, and then select Continue.

In the CD/download edition of TurboTax

  1. In the upper-right area of your screen, select Find*.
  2. In the Find window, type Instalments, and then select Go.
  3. Select Instalments, and then select Continue.
  4. On the Instalments step, enter your installment amount, and then select Continue.

* If you don't see the Find button, you might not have completed the Setting Up/Introduction section on your return. Continue through the Setting Up section until the Find button appears.

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