The threshold above which corporations must pay income tax, GST and source deductions instalments is $3,000. The threshold will be based on 2022 tax amounts payable.
Certain Canadian-controlled private corporations are allowed to make quarterly, instead of monthly, income tax instalments. To qualify, certain conditions must be met, including the following criteria relating to the 2022 taxation year:
Instalment planning for 2023 can be addressed during 2022 by meeting the conditions where applicable.
Tax Tips 2023