Quote:
Originally Posted by fotze2
Locke, we are gonna have to talk. That rhymes.
And also. ……. Fackkkkkkkkj
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You have to pay taxes on it anyways. Sell it, pay taxes and transfer residual as cash vs the complexities on figuring out the paper work on what the transfer ACB is etc. when you sell later.
Depending on the situation, you could attempt to VDP to ask CRA if they're willing not to charge late interest and penalties.
Quote:
Originally Posted by Mathgod
So is it a requirement to pay in advance or an option?
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Requirement. Always has been. However, some people don't realize that the administration of that requirement is also shared with your employer.
Let's say your payroll remittances are typically high enough that every year, you have a little bit of a refund. Suddenly in one year, you sell some one off capital asset or investment that doesn't withhold during the year and you have a high tax bill vs other years. You'll get the calculation on tax instalments to prepay next year taxes when you file your T1. IF you don't pay those instalments AND there is a refund next year, no late interest and penalties are calculated after you file. However, IF you don't pay instalments AND there is a balance owing next year, then you pay late interest and penalties from the date you were supposed to pay instalments.