How do I reconcile the tax actually due for the year with tax paid by instalments?
Employers with a total annual Ontario remuneration of more than $600,000 are required to remit instalments on the 15th of each month. The reconciliation between the tax liability for a year and the tax paid by instalments is achieved by filing the Annual Return noting: • Effective January 1, 2005, EHT instalments are based on the actual payroll for the month and are due on the 15th day of the following month. The first instalment for the year is due February 15th and the last instalment is due January 15th of the following year. The tax due for the year and the tax paid by instalments are both based on the calendar year. • Prior to 2005, EHT instalments were calculated using the previous month’s payroll, however, the instalment was applied to the month in which it was due. The tax due for the year was based on the calendar year January through December, while tax paid by instalments was based on December through November. Any balance of EHT due or amount to be refunded was accounted fo
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- How do I reconcile the tax actually due for the year with tax paid by instalments?
