Line 47600 – Tax paid by instalments
Note: Line 47600 was line 476 before tax year 2019.
Instalments are periodic income tax payments that individuals have to pay to the Canada Revenue Agency on certain dates. These are to cover tax that they would normally have to pay in a lump sum on April 30 of the following year. Instalments are not paid in advance; they are paid during the calendar year in which you are earning the taxable income.
You have to pay tax by instalments for the same reason that most people have tax withheld from their income throughout the year. If you earn income that has no tax withheld or does not have enough tax withheld for more than one year, you may have to pay tax by instalments.
This can happen if you earn:
- rental income
- investment income
- self-employment income
- certain pension payments
- income from more than one job
Completing your tax return
Enter on line 47600 of your tax return the total instalment payments you made for your taxes for the year.
We will issue you Form INNS1, Instalment Reminder, or Form INNS2, Instalment Payment Summary, which shows your total instalment payments for the previous year that we have on record. Visit My Account to see your instalment account. If you made an instalment payment for your taxes for the previous year that does not appear on this reminder or summary, also include that amount on line 47600.
If tax was withheld from your income, claim the amounts shown on your information slips on line 43700.
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