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New Member
posted Apr 29, 2024 9:24:20 PM

If I owed on my tax return last year and made installments, do I have to state it on my tax return this year?

Is that what I have to put under "did you make tax instalment payments for 2023?"

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2 Replies
Returning Member
Apr 30, 2024 7:38:02 AM

If you made any instalment payments in 2023, you would report this under your instalments paid for 2023. You can also double check the amount paid towards instalments for 2023 on the CRA website under your MyAccount. 

 

Here is a link to MyAccount: https://www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/account-individuals.html

 

More information on the instalments: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-47600-tax-paid-instalments.html

 

Where to claim your instalment payments: https://www.canada.ca/en/revenue-agency/services/payments-cra/individual-payments/income-tax-instalments/claim-amounts-tax-return.html

Returning Member
Apr 30, 2024 7:38:48 AM

Hi there, yes you will need to report it on your tax return this year. In TurboTax, you can state it under the Payments Profile - which is accessed in the left menu.

 

You can learn more about it on the canada revenue site here.

 

Best of luck!