Tax questions? You ask lah! #169

Published: Wed, 05/01/24

Updated: Fri, 05/03/24

Tax questions? You ask lah!

Your weekly dose of tax knowledge - become tax savvy in just 2 minutes!

Q:
I am earning business income and paying tax in advance via CP500. If I predict that my business will run into a loss, can I revise my CP500 instalments?

A:
Yes, you may submit the Form CP502 before 30th June to revise the CP500 instalments.

If I have revised my CP500 instalments, would there be any penalty for underestimating the revised tax payable?

A:
Yes, if the revised estimated tax payable (via Form CP502) is lower than the actual tax payable by more than 30%, the amount in excess of 30% will be subjected to a penalty of 10%.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

P.S. I've received a lot of tax questions, so now I am answering the frequently asked questions and sharing them with you weekly!

P.P.S. If you're liking these little tips, you can't imagine how much you'll get out of my course! https://bit.ly/free-webinar-english

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