Calculation of the Amount Payable
We determine the amount of your instalment payments based on the information in your income tax returns for the two previous taxation years. This amount is indicated on the copy of form TPZ-1026.A-V, Instalment Payments Made by an Individual, that we send you. You receive this form in November and you must make your instalment payment by December 31 of the current year.
Provided the payments indicated on the form are made by the due dates, no interest will be charged, even if the amount of the payments subsequently proves to be insufficient.
This method allows you to determine the amount of your instalment payments yourself, based on the amount of income tax and contributions indicated in your income tax return for the previous year.
This method allows you to determine the amount of your instalment payments yourself. It may be to your advantage to choose this method if you estimate that your income tax and contributions payable for the current year will be lower than for the previous year.
To calculate using method 2 or 3, use form TP-1026-V, Calculation of Instalment Payments to Be Made by Individuals.