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CRA quarterly payments
July 28, 2020
8:48 am
Bill
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I agree, AltaRed, my own personal taxes owing are not enough to worry about. In this case as executor I feel I'm bound to act in the best interests of the beneficiaries so extra estate income is welcome.

I doubt the country's bills will ever be paid, they're too much (per capita the debts are unpayable) so the borrowing will continue. Been going on for many years (decades?) - when was the last time a province or the feds had a significant enough surplus, & used it, to pay off a good chunk of their debt?

July 28, 2020
8:49 am
pooreva
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I do not see September 15 installment on my CRA account; nor Dec 15. When they are supposed to appear?
I can see Mar 15 (paid) and June 15 (postponed).

July 28, 2020
9:50 am
Bill
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July 28, 2020
10:49 am
AltaRed
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pooreva said
I do not see September 15 installment on my CRA account; nor Dec 15. When they are supposed to appear?
I can see Mar 15 (paid) and June 15 (postponed).  

In Bill's link

To ensure Canadians continue to receive their benefits and credits during the COVID-19 pandemic, the CRA temporarily suspended interruptions for those who were unable to file their income tax and benefit return by the June 1 deadline. Currently, if a 2019 individual tax return has not been assessed, the CRA is calculating benefits and/or credits for the July to September 2020 payments based on information from 2018 tax returns. However, if 2019 individual tax returns are not received and assessed by early September 2020, estimated benefits and/or credits will stop in October 2020 and individuals may have to repay the amounts that were issued as of July 2020. The CRA has helpful information and a step-by-step guide to help Canadians complete their taxes. The CRA tax processing system is fully operational and returns are being processed quickly to support Canadians in getting their refunds and ensuring continuity of their benefits.

Sept 15th and Dec 15th installment payments normally cannot be known until the 2019 tax return has been assessed. Usually one would get notice from CRA about this time (or early Aug) telling you what is owed Sept 15th and Dec 15th based on filed tax returns filed by Apr 30th. Given 2019 tax returns may not yet have been filed, CRA will use 2018 tax return as the basis for the Sept 15th payment. Those whose 2019 tax returns have already been assessed, I am thinking the Sept 15th installment payment will be based on 2019 tax returns. That remains to be seen until we receive the CRA notice presumably in the next 2-3 weeks or so.

I am on PAD payments, so I don't care. CRA will debit what they wish on Sept 15th.

July 28, 2020
11:21 am
MG
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Bill said
one estate I'm administering makes several hundred in interest every month on the 2019 taxes still owing.   

I hope you are right Bill. I thought the extensions were given due to financial hardship as a result of COVID. I am surprised that would apply to an estate's income taxes.

July 28, 2020
11:58 am
Bill
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From gov't site: "The CRA is further extending the payment due date for 2019 individual tax returns and 2019 or 2020 corporation, or trust returns, as well as for instalment payments, from September 1, 2020, to September 30, 2020."

This covers deceased's 2019 final return (individual), the subsequent estate (trust) return (if any), and instalment payments for 2020.

July 28, 2020
2:34 pm
MG
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Sounds good Bill - thanks for clarifying!

July 29, 2020
9:33 am
Vatox
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Bill said
I agree, AltaRed, my own personal taxes owing are not enough to worry about. In this case as executor I feel I'm bound to act in the best interests of the beneficiaries so extra estate income is welcome.

I doubt the country's bills will ever be paid, they're too much (per capita the debts are unpayable) so the borrowing will continue. Been going on for many years (decades?) - when was the last time a province or the feds had a significant enough surplus, & used it, to pay off a good chunk of their debt?  

In 2002, I lived in Alberta. Ralph Klein was premier and the debt was zero. They were giving out cheques to everyone, as a cut of the surplus.

July 29, 2020
11:57 am
Bill
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Very true, Vatox, there were some years around there until maybe about 2008 when Alberta was running surpluses. Those surpluses were dwarfed by Ontario, Quebec and federal debts, unfortunately a province with about 11% of the national population running surpluses for a while there can't offset the general ongoing debt party.

July 30, 2020
12:43 pm
pooreva
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AltaRed said
Usually one would get notice from CRA about this time (or early Aug) telling you what is owed Sept 15th and Dec 15th based on filed tax returns filed by Apr 30th.

I did not get any notice regarding Sep/Dec installments but out of curiosity checked today (2 days after my note and last check) and amazingly, Sep/Dec installments have been posted! Not only that but they are 2.5x LESS (each) than Mar/Jun.

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