Do Self-Employed Canadians Have to Pay Quarterly Taxes?
Yes. If you’re self-employed and owe more than $3,000 in taxes ($1,800 in Quebec), CRA expects you to make quarterly installment payments. You may need to pay quarterly taxes if:- You're self-employed, a freelancer, or a contractor
- You earn rental, commission, or investment income
- You owed more than $3,000 in income taxes in either of the past two years
- You don’t have taxes withheld at source
When Are Quarterly Tax Payments Due in Canada?
Quarterly tax payments are due on:- March 15
- June 15
- September 15
- December 15
CRA Quarterly Tax Schedule (At a Glance)
| Quarter | Payment Due Date | Period Covered |
|---|---|---|
| Q1 | March 15 | Jan 1 – Mar 31 |
| Q2 | June 15 | Apr 1 – Jun 30 |
| Q3 | September 15 | Jul 1 – Sep 30 |
| Q4 | December 15 | Oct 1 – Dec 31 |
How Do You Calculate Quarterly Tax Payments?
You can calculate your CRA tax installments using one of three methods: 1. No-Calculation Option (CRA Estimates): CRA uses your tax returns from the previous two years. 2. Prior-Year Option: Calculate based on last year’s income. 3. Current-Year Option: Estimate based on your projected income for this year. Our CPA firm in Montreal can help you choose the safest and most cost-effective approach.What Happens If You Miss a Quarterly Payment?
If you miss a deadline or underpay: - CRA charges installment interest - You may face additional penalties - Interest compounds daily-even on small amounts Work with a bookkeeping service in Canada to automate your payments.Are You a Real Estate Professional?
If you're a self-employed real estate agent, investor, or property manager, quarterly taxes can be tricky. A real estate CPA can: - Project your tax burden - Guide deductions for mileage, home office, etc. - Prevent cash flow surprisesWhy Work With a CPA for Quarterly Taxes?
An experienced accounting firm in Canada can help you: - Avoid penalties by estimating your installments accurately - Identify deductions - Stay compliant with CRA At Shemie CPA, we specialize in helping freelancers, small business owners, and real estate professionals.Final Takeaways
If you earn untaxed income, you may need to pay CRA in quarterly installments - Deadlines: March 15, June 15, Sept 15, Dec 15 - Penalties and interest apply for underpayments or missed deadlines - A CPA firm ensures accurate planning and peace of mindReady to Take Control of Your Quarterly Taxes?
At Shemie CPA, we guide self-employed Canadians with tailored tax strategies. Book a free consultation to stay compliant and ahead of CRA payments.Frequently Asked Questions
If your total tax owing is under $3,000, you may not need to pay quarterly in your first year.
CRA will credit your overpayment or refund it at year-end
Yes. You can set up pre-authorized debit or use online banking.
