| 24(1) | 901269 |
| J.D. Jones | |
| (613) 957-2104 | |
| Attention: 19(1) | EACC9325 |
August 14, 1990
Dear Sirs:
Re: Calculation of Quarterly Instalments for Individuals
This is in reply to your letter of June 14, 1990 concerning the calculation of quarterly instalments for individuals.
As indicated on page 9 of the 1990 Instalment Guide (T7B Individuals) for the prior year option, we confirm that it is the Department's policy to allow a taxpayer who is calculating instalments in accordance with subparagraph 156(1)(a)(ii) of the Act to reduce the aggregate of instalment payments required by the greater of the prior year's tax withheld from then taxpayer's remuneration and other amounts and the current year's tax withheld from such amounts.
Provided that either the total tax withheld in the prior year or the total tax which will be withheld in the current year exceeds the tax payable for the prior year, no instalment payments will be required.
We trust these comments will be of assistance to you.
Yours truly,
for DirectorBusiness and General DivisionRulings DirectorateLegislative and Intergovernmental Affairs Branch