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Let’s your taxes pay for your debt! Book your conversation now at www.kodafa.com and I’ll show what my 600+ clients already do.

We analyze your debt and develop a repayment strategy that helps you become debt-free faster while balancing your other financial goals. Koda Financials follows a proven 6-step financial planning process focused on long-term financial success. ook now; www.kodafa.com ,

For businesses including some proprietors

Quarterly Instalment Remittances.
When you are required to make quarterly tax instalment payments, in addition to interest on the balance owing when you file your return, you may be charged instalment interest.

But that will only occur if your instalments are late or too small. If you discover that your previous instalments for the year are insufficient, you can reduce your instalment interest by making larger instalments for the year, sooner, that is before the June 15, September 15 or December 15 deadline.

Note that farmers and fishers have until December 31, to make a single instalment remittance for the year, based on 2/3 of their anticipated taxable income.

Once you’re notified of interest payable, no further interest will be charged if the total balance due is paid promptly – this generally means within 20 days of the notice.

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Interest – Taxable and Deductible?

In addition, any interest paid to you by the CRA is taxable and must be reported on your tax return for the year the interest is received.

If the CRA then reassessed your return, created a balance due and you resulting in repaying any of that refund interest you reported, you can claim that repayment as a deduction. Otherwise interest and penalties you pay to the CRA are not deductible. Nor, by the way, is any interest on a loan to contribute to a registered account like an RRSP, TFSA or FHSA.

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Tax Planning.

The general rule for paying interest of any kind, is that you should, whenever possible, ensure the interest paid is tax-deductible, for example when paid to acquire an income-producing asset.

Interest paid to the CRA is never deductible and cannot be linked to an income-earning investment, so paying interest to the CRA is to be avoided whenever possible.

To ensure you don’t owe interest to the CRA, you should:

Pay your taxes each year by April 30, even if you’re self-employed and your tax return is not due until June 15
If you’re required to make instalment payments, make them on time
If you’re reassessed, respond immediately. If the reassessment is valid, pay the taxes promptly

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