Managing personal income tax payments efficiently is crucial for individuals seeking to maintain financial stability and compliance with tax laws. The T1162A 1 E form serves as a cornerstone in facilitating this process by offering a pre-authorized payment plan for personal quarterly instalment payments. This enables taxpayers to automate the payment of their income taxes directly from their bank accounts, ensuring timely payments and reducing the hassle of manual submissions. The form offers two distinct plans, catering to different needs: Plan 1 allows for automatic withdrawals based on calculated amounts indicated on an Instalment Reminder, while Plan 2 permits taxpayers to set a fixed amount for withdrawal on the established due dates. Such arrangements demand the completion and submission of an authorization form, alongside a void cheque, to the Canada Revenue Agency (CRA). Moreover, the plan requires selection between calculated or fixed withdrawal amounts, and enrolment can be initiated or adjusted via the CRA's website. This system not only streamlines the payment process but also provides flexibility to adjust payment amounts as financial circumstances change, emphasizing its role in fostering tax compliance and financial planning.
Question | Answer |
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Form Name | Form T1162A 1 E |
Form Length | 1 pages |
Fillable? | No |
Fillable fields | 0 |
Avg. time to fill out | 15 sec |
Other names | t1162a 1 10e form t1162a |
Protected B
(when completed)
(PERSONAL QUARTERLY INSTALMENT PAYMENTS)
You may find it convenient to pay your personal income tax instalments with an automatic bank withdrawal, for either the calculated amount or a fixed amount, that will be withdrawn on the quarterly due dates of March 15, June 15, September 15 and December 15.
There are two plans:
Plan 1 –
On the quarterly due dates, the CRA will withdraw from your bank account the calculated amount shown in box 2 of the Instalment Reminder sent to you in February and August. As long as you continue to receive an Instalment Reminder, the payments will be automatically withdrawn from your bank account. This amount may change every 6 months. If you stop
receiving INSTALMENT REMINDERS, you must
If you choose to make instalment payments different from the amount shown on the Instalment Reminder, or if you did not receive a reminder but want to pay by instalments, we will withdraw the amount you choose on the quarterly due dates. You must provide us with an amount for this plan. If your circumstances change and you will owe more or less tax, you will have to contact the CRA to change the amount of the withdrawal. This amount will not change unless you request a modification of the amount.
Please visit the CRA Web site at www.cra.gc.ca and select "My account" to create a
To complete the authorization form:
1.You must complete and sign the authorization form below.
2.Select one of the payment plans.
3.Include a personal cheque marked "void". Make sure the bank account you use allows chequing privileges. We can only
4.Return the completed form and the cheque to the following address:
Canada Revenue Agency, P.O. Box 9659 STN T, Ottawa ON K1G 6L7. We will send you a letter confirming the arrangement.
We need to receive your completed
The
Cut here and return this authorization form to the CRA
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AUTHORIZATION FOR |
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(PERSONAL QUARTERLY INSTALMENT PAYMENTS) |
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Personal information |
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Family name |
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First name |
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Address |
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Social Insurance Number |
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City |
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Province / Territory |
Postal code |
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Daytime phone number |
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Financial institution information (please attach a cheque marked "VOID") |
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Financial institution |
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Branch number (5 digits) |
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Institution number (3 digits) |
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Account number (12 digits maximum) |
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Plan 1 |
Debit my bank account for the amount indicated in box 2 of my Instalment Reminder with the starting date indicated below: |
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(select one date only) |
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02 |
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March 15 |
June 15 |
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September 15 |
December 15 |
Year: |
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Plan 2 |
Debit my bank account for the amount of $ |
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with the starting date indicated below: |
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(select one date only) |
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02 |
02 |
05 |
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March 15 |
June 15 |
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September 15 |
December 15 |
Year: |
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I authorize the CRA to automatically withdraw funds from my/our bank account (as indicated above) for payment of personal tax instalments.
Name (please print)
Signature(s) required
Date
YYYY MM DD
(Ce formulaire est disponible en français.) |