Installment Threshold Increased
Beginning with the 2008 taxation year, the threshold has been increased from $2,000 to $3,000. Taxpayers will therefore be required to make installment payments towards their 2008 tax payable if:
- Their net tax owing for their 2008 tax return will be more than $3,000; and
- Their net tax owing on either their 2006 or 2007 tax returns was more than $3,000.
For Québec residents, the threshold figure for federal tax purposes for 2007 and prior years was $1,200 (as opposed to $2,000). For 2008 it will be increased to $1,800 (as opposed to $3,000). The threshold will also be increased to $1,800 for the purpose of making installment payments of provincial tax to Revenu Québec.
