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If your net tax owing is more than $3,000 for 2024 you may be required to pay your tax in instalments. The requirement to make instalment payments can apply to both individuals and corporations depending on your specific circumstances.

With interest rates increasing significantly in recent years, there is a significantly increased risk and exposure to additional interest costs if required instalments are missed or paid after the applicable due dates. Instalment interest is compounded daily and is based off the CRA prescribed interest rate which is currently at 10%.  A penalty of up to 37.5% of the total instalment interest may be applied as well in some cases.

The following different sets of rules for the payment of tax instalments apply for individuals and corporations and should be carefully considered to prevent the application of interest or late instalment penalties.



Individuals are required to make instalment payments for the current tax year (2024) if your net tax owing is greater than $3,000 for both 2024, as well as one of 2023 or 2022.

Most taxpayers are required to make quarterly instalment payments on the following dates (except for farmers and fishers who have one due date for 2024 taxes of December 31, 2024):

  • March 15, 2024

  • June 15, 2024

  • September 15, 2024

  • December 15, 2024



Generally all corporations are required to pay their tax in either monthly or quarterly instalments, however, there are three exceptions where instalments are not required:

  • First taxation year after incorporation

  • Tax payable of $3,000 or less in either the current or previous taxation year

  • Taxation years shorter than one month

Corporate tax instalments are generally required to be paid monthly, however, your business may be able to pay instalments quarterly if you meet all of the following criteria:

  • You are a Canadian-controlled private corporation (CCPC)

  • You have a perfect compliance history

  • Together with any associated corporations, for the current or previous tax year you have both:

    • Taxable income of $500,000 or less

    • Taxable capital employed in Canada for the tax year of $10 million or less

For more information on instalment payment requirements, visit the CRA webpages below.


If you have questions, contact Gregory, Harriman & Associates LLP by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by phone at 1-403-934-3176.



The information in this publication is current as of June 4, 2024.

This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact Gregory, Harriman & Associates LLP to discuss these matters in the context of your particular circumstances. Gregory, Harriman & Associates LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.