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Calculate instalment payments - Glossary

Actual Federal Tax
Corporate – The actual calculation of total federal taxes payable as indicated on the notice of (re)assessment.
Actual Provincial Tax
Corporate – The actual calculation of the total net provincial/territorial taxes payable as indicated on the notice of (re)assessment.
Actual Tax
GST/HST – The actual calculation of tax payable as indicated on the notice of (re)assessment.
Amount
The dollar amount of the transaction. All credits are identified with the letters "CR" beside the amount.
CR
An abbreviation for the word credit. If "CR" appears beside an amount, it means the amount is a credit on your account.
Due Date
The date the specific instalment payment is due without incurring interest charges.
Effective Date
The date assigned to any financial transaction for the purpose of calculating interest and/or penalty.
Estimated Federal Tax
Corporate - An approximate calculation of the total federal taxes payable under the Income Tax Act.
Estimated Federal Tax Credit
Corporate - An approximate calculation of tax credits that reduce the amount of federal tax payable.
Estimated Provincial Tax
Corporate - An approximate calculation of the total net provincial/territorial taxes payable.
Estimated Tax
GST/HST - An approximate calculation of the total taxes payable under the Excise Tax Act.
Instalment Base
Corporate – The instalment base is the calculated amount of taxes under parts I, VI, VI.1, and XIII.1 of the Income Tax Act a corporation has to remit by instalments (monthly or quarterly) throughout the current year.

GST/HST – The instalment base is the calculated amount of taxes under Part IX of the Excise Tax Act a client has to remit by quarterly instalments throughout the current year.
Instalment frequency
The frequency at which instalment payments are required.

Corporate - Corporations must meet specific criteria to be eligible to remit instalments on a quarterly basis. Otherwise, they must remit monthly. See FAQ for eligibility for quarterly remitting.

GST/HST - Instalments for GST/HST are required on a quarterly basis.
Instalment payments
An instalment payment can be a full or partial payment of the total amount of tax payable for the current year.

Corporate – An instalment payment is a partial payment of the total amount of tax payable for the year.

GST/HST – An instalment payment is a partial payment you have to submit towards the net tax owing on your annual goods and services tax/harmonized sales tax (GST/HST) return.
Interim Balance
This represents the total of all the credits posted to an unassessed period. This balance may include instalment payments, payments made on filing your return, and any other amounts that have been transferred to the period specified.
Payment
An amount you paid that the Canada Revenue Agency applied to your account.
Payment correction
A transaction for a Revenu Québec returned payment and/or to correct/adjust a payment amount.
Payment date adjustment
Correction of the effective interest date of a payment.
Period End
This term is used to represent the reporting period end, taxation year end and fiscal year end. This term will be accurately defined in the Act governing your tax program.
Refund
The overpayment of taxes/duties/charges on the (re)assessment of a return or the result of processing a rebate application.
Refund Cancelled
The cancellation of an amount that was going to be refunded.
Refund reversal
The reversal or correction of a refund amount.
Returned payment
A payment made to your account that was returned as a dishonoured payment from your financial institution.
Returned payment reversal
A correction or reversal made to your account for a dishonoured payment.
Transaction adjustment
The adjustment of an accounting transaction.
Transfer from
Transfer of an amount within your account or to your account from another account. A transfer may relate to (but is not limited to):
  • your corporation account, GST/HST account or an other levies account
  • the non-reporting period or to one reporting end from another
Transfer in
Transfer of an amount within your account or from another account. A transfer may relate to (but is not limited to):
  • your personal income tax account
  • a government department or agency
  • your payroll account
Transfer out
Transfer of an amount from your account to another account. A transfer may relate to (but is not limited to):
  • your personal income tax account
  • a government department or agency
  • your payroll account
Transfer to 
Transfer of an amount within your account or from your account to another account. A transfer may relate to (but is not limited to):
  • your corporation account, GST/HST account or an other levies account
  • the non-reporting period or to one reporting end from another
Transfer to Revenu Québec
Transfer of amounts to Revenu Québec.
Trsf. from Revenu Québec
Transfer of amounts from Revenu Québec.
Trsf. to Non Res Security
Transfer of amounts to non-resident security.

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2023-06-28