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

SOLVEDby TurboTax30Updated 3 weeks ago

Instalments are periodic payments of income tax that individuals pay to the CRA to cover tax they'd 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 in instalments. This can happen if you receive rental, investment, or self-employment income, certain pension payments, or income from more than one job.

Note: Instalment payments aren't the same as payment arrangements. If you want to pay your balance owing in several payments instead of as a lump sum, for more information, visit the Arrange to pay your personal debt over time page on the CRA website.

Follow the steps provided to enter instalment payments into TurboTax:

  1. Select Find from the menu
  2. In the Find window, enter payments profile, then select Go
  3. Select the checkbox for Paid tax instalments for this year, then select Continue
  4. On the Paid tax instalments this year step, enter your instalment amount, then select Continue
  1. Select Find from the menu
  2. In the Find window, enter instalments, select it from the list, then select Go
  3. On the Tax Instalment step, enter your instalment amount, then select Continue
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