- 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.
FAQs
How to calculate instalment payments? ›
For example, if your tax payable for 2020 was $10,000 and your tax payable for 2021 was $20,000, here is how this calculation would work:
- March 15, 2022 instalment notice payment amount = 2020 taxes of $10,000/4 = $2,500.
- June 15, 2022 instalment notice payment amount = same as March = $2,500.
Jan 20, 2023
An abbreviation for the word credit. If "CR" appears beside an amount, it means the amount is a credit on your account.
What is the formula for calculating payments? ›Monthly Payment = (P × r) ∕ n
Again, “P” represents your principal amount, and “r” is your APR. However, “n” in this equation is the number of payments you'll make over a year. Now for an example. Let's say you get an interest-only personal loan for $10,000 with an APR of 3.5% and a 60-month repayment term.
To find the total amount paid at the end of the number of years you pay back your loan for, you will have to multiply the principal amount borrowed with 1 plus the interest rate. Then, raise that sum to the power of the number of years. The equation looks like this: F = P(1 + i)^N.
What does CR stand for tax? ›CR Tax means, for any tax year, the amount of Consolidated Tax Liability allocated to a Member pursuant to Article III, Section 3.2 of this Agreement.
What does CR stand for in compensation? ›Current Reckonable Service: Is the service your compensation payment will be based on.
What does CR mean on tax refund? ›If it's showing as a CR (credit) that means you'll get a refund. DR (debt) means you'll have a bill.
How to calculate installments in simple interest? ›all you need are the details like the amount borrowed, interest rate, and loan tenure to calculate your monthly EMI. the formula for calculation is: EMI = [p x r x (1+r)^n]/[(1+r)^n-1]
How to calculate hire purchase monthly installment? ›The principal amount of the loan is therefore the cash price minus the deposit. The accumulated loan will be worked out using the number of years the loan is needed for. The total loan amount is then divided into monthly payments over the period of the loan. Hire purchase is charged at a simple interest rate.
What are instalment payments? ›Instalment payments refer to a customer paying a bill in small portions throughout a fixed period of time. Start invoicing for free. Instalment payments are a payment plan arranged between the buyer and the seller. It's usually clearly stated in the payment terms in a contract or on an invoice.