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 advance deposits, use Form RC159, Remittance Voucher – Amount Owing.
To assist the Canada Revenue Agency (CRA) in processing your payment, clearly indicate on the voucher:
- that the payment is an advance deposit
- your 15-character business number (BN)
- the 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. The CRA will hold the advance deposits for this purpose and apply them when it processes the reassessments.
If the required information (for example, business number and 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, the CRA may contact you to confirm that the advance deposit is still needed. There are guidelines limiting the transfer of an advance deposit once it has been assigned to a specific tax year; however, you can transfer an advance deposit to pay:
- an amount owing
- an instalment for an unassessed tax year on your corporation account
- an instalment for an unassessed period on your GST/HST account
- a remittance due on your employer account
If you need remittance vouchers, see Payment vouchers.
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