Calculation of the Amount Payable

Instalment payments, if required, must be made four times a year, by March 15, June 15, September 15 and December 15. If you have to make instalment payments for the 2012 taxation year, we will send you, in February and August, the form Instalment Payments Made by an Individual (TPZ-1026.A-V). We will calculate the amount of your first two instalments for 2012 based on your 2010 income tax return, and the amount of your last two instalments for 2012 based on your 2011 income tax return.

However, if you did not have to make instalment payments for the 2011 taxation year but we determine that you must do so for 2012, we will send you the form Instalment Payments Made by an Individual (TPZ-1026.A-V) in August to inform you of the amounts of your payments for September and December. We will calculate the amount of both of your instalments based on your 2011 tax return.

If you want to calculate your instalment payments yourself, complete form TP-1026-V, Calculation of Instalment Payments to Be Made by Individuals.

Interest, capitalized daily, is charged on every instalment (or portion of an instalment) that is not paid by the due date. For more information, consult the brochure Instalment Payments of Income Tax (IN-105-V).