Instalments - so what's my beef?

Instalments, once you're on the system, are to be paid March 15, June 15, September 15 and December 15.

But when you're starting up a business, they don't apply until after you've filed your first tax return, which is due June 15 of the next year.

That's when the tax preparer tells you that you were supposed to pay your taxes (estimated) by April 30, and your GST/HST for your annual return, also filed June 15, that was due April 30 as well.

Then, they hit you with the news that not only was that due, so there's interest outstanding for not having paid it on time, BUT...

you'll be assessed in the summer for the instalments for the current year, all of which is due in two instalments, on September 15 and December 15.

The reason you're freaked? You had all this money in your account, so you've booked the entire family on a summer holiday to Europe for 6 weeks. The money is gone.

That's why I Tweeted today that CRA should get addicted to your tax instalments a whole lot sooner.

Yes, you're supposed to be responsible, accountable, and responsible again, but who can resist the opportunity when that money is sitting there for soooooo long, that you forget what it's really for.

The worst part? Once it's gone, you'll never get the chance to re-coop it, it will take about ten years to catch up because you'll always be behind.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/pymnts/nstlmnts/ntrst-eng.html?=slnk