What are my instalment payment options?
You have three instalment payment options: a. no-calculation option (this option is best for you if your income, deductions, and credits stay about the same from year to year); b. prior-year option (this option is best for you if your 2007 income, deductions, and credits will be similar to your 2006 amount but significantly different from those in 2005); or c. current-year option (this option is best for you if your 2007 income, deductions, and credits will be significantly different from those in 2005 and 2006). *If you choose the best instalment payment option for your situation, you will not overpay your tax during the year or have a large amount of tax to pay when you file your return. You do not have to tell the CRA which option you choose.
