Tax Bulletin - Failure to Pay Instalments Can Be Costly

February 24, 2021 BDO CANADA

With the 2021 tax return season almost here, we want to remind you of the importance of paying personal income tax instalments. This could apply to you if you receive or earn any kind of income that is not subject to tax withholding at source, such as business or investment income. This could also apply to you if you receive income that is subject to a low rate of withholding at source, such as pension income. The cost of ignoring your instalment obligations can be high

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