Question for the Snow and Mud Tax Experts?

[snopro]

Any peeps out there that own their own business and are not a corporation that pay Federal Income Tax early? Got a remittance form from the Feds telling me they want me to pay 2/3's of what I paid on my 2020 income tax by Dec 31st coming up? In all my years of paying federal income tax I have always paid it in full by April 15th like the law states? When did this new development happen? It says anyone that pays over $3000 in the previous year is required to pay 2/3's of that amount by this year end. I pay a lot more than that so I'm not happy paying my number 3 1/2 months ahead of the normal due date? Anybody had to do this or is the Libs just running out of our money and need an early top up?

 

[Legend14]

They have been doing this for years, it makes me want to vomit,I usually just pay the interest to protest

 

[Bnorth]

I don't know what the cutoffs are anymore but yes at a certain threshold you need to start remitting tax throughout the year. IIRC it starts with quarterly remittances and if the amount is high enough it goes to monthly.

 

[hevy_chevy67]

Its common unfortunately. If you had a decent size of amount owing when you filed your taxes last year chances are you have to make instalments in the upcoming year.

 

[snopro]

Thanks guys. Have paid over this threshold now for as long as I can remember but this is the first year they have come knocking so to speak. Legend what do they charge for interest? Lol. I may do the same.

 

[Legend14]

Think it was $400-$800 like 5 years ago?? I haven’t looked at the books for a long time.

Sorry yes I am Incorporated but yeah same extortion scenario,they want their chunk before you get yours! Unreal,I could make filler payments but refuse lol

 

[zal]

Yup, had that one year. Didn’t pay the instalment and payed as per law, before April 15. Pretty sure I didn’t get charged interest (never paid interest either) but maybe they have a running tab?

Sorry, that was on personal income. Business income, yes we pay instalments.

 

[MP Kid]

Any peeps out there that own their own business and are not a corporation that pay Federal Income Tax early? Got a remittance form from the Feds telling me they want me to pay 2/3's of what I paid on my 2020 income tax by Dec 31st coming up? In all my years of paying federal income tax I have always paid it in full by April 15th like the law states? When did this new development happen? It says anyone that pays over $3000 in the previous year is required to pay 2/3's of that amount by this year end. I pay a lot more than that so I'm not happy paying my number 3 1/2 months ahead of the normal due date? Anybody had to do this or is the Libs just running out of our money and need an early top up?

How many years have you been farming? And how the hell have you dodged this for so long……?

Am I reading that correctly…. You are not incorporated?

 

[snopro]

How many years have you been farming? And how the hell have you dodged this for so long……?

Am I reading that correctly…. You are not incorporated?

Haven’t dodged anything. Been farming for 45 years. Never paid under $3000 tax in my life so not sure why I have never had to prepay tax before? No not incorporated. Always been partnership. I know I know should have incorporated a long time ago. Was to busy to think about that back in the day with 2 going concerns with businesses. Probably cost me lots being that busy lol.

 

[Mike270412]

If you send them a cheque for 20 bucks they leave you alone for a while. Or make the cheque out for more than what they're asking. They can't cash it, but technically, you paid.

 

[MK4TDI]

Yes typically anything over $3k in taxes owing from the previous year they want installments for the next year regardless if you know it's going to be lower.

When they call me for my personal installment reminder I remind them that the budget won't balance itself and when I see some fiscal responsibility I will send them my money early. Until then you get it on the final due date of the year. Which is typically last day of April but with covid shenanigans going on they extended to August in 2020, and I think it was September 2021 this year.

2019 interest on the 5k I "owed" them was under $200 because I didn't make installment payments and just paid at the end of April.

The way I see it is I made more money on that money in my accounts/investments than the interest the charged me.... but then again they are getting more than they deserve... sooo there's that.

Part of me really enjoys telling revenue canada no.... but maybe that's why my GST is being audited now hahah.

Buncha crooks.

 

[freeflorider]

Yes in BC it’s the same, quarterly payment are asked of me too. I say pound sand! The interest is less then I can borrow at a bank so I wait till the last minute. Still have to pay but I make them work for it.

 

[Caper11]

Haven’t dodged anything. Been farming for 45 years. Never paid under $3000 tax in my life so not sure why I have never had to prepay tax before? No not incorporated. Always been partnership. I know I know should have incorporated a long time ago. Was to busy to think about that back in the day with 2 going concerns with businesses. Probably cost me lots being that busy lol.

Been a good year for you I take it. JK I’m trying to lighten the mood.

 

[snopro]

Been a good year for you I take it. JK I’m trying to lighten the mood.

Yep one for the ages. Boy is the Turd gonna be disappointed at tax time next year.

 

[Chump]

Why pay taxes to a pos dictator to fund your own tyranny? He'll give money to fund women's rights in Afghanistan, which really means they launder it into there own bank accounts. Keep it till they chase you for it, they dont deserve it.