Prepaying reassessments

If you anticipate a reassessment to a previous tax year, you may choose to make a payment in advance (advance deposit) to reduce interest charges.

To make an advance deposit, use Form RC159, Amount Owing Remittance Voucher.

To assist us in processing your payment, clearly indicate on the voucher:

  • that the payment is an advance deposit;
  • the corporation's business number (BN);
  • the corporation's tax year-end for which the advance deposit is intended.

If you are making an advance deposit for multiple tax years, include a list of the individual tax years for which you are expecting a reassessment and the amount to be held for each year. We will hold the advance deposits for this purpose and apply them when we process the reassessments.

Note

If the required information (for example, business number, tax year-end) is not provided, the payment will be refunded.

Advance deposits are reviewed on a regular basis to make sure that there is a risk of reassessment for the period(s) in question and that the amount on deposit is reasonable. During this review process, we may contact you to confirm that the advance deposit is still needed.

For information on how to get Form RC159, see Payment vouchers.

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