Do Self-Employed Canadians Have to Pay Quarterly Taxes?
Yes. If you’re self-employed and owe more than $3,000 in taxes ($1,800 in Quebec), CRA expects you to make quarterly installment payments.
You may need to pay quarterly taxes if:
- You're self-employed, a freelancer, or a contractor
- You earn rental, commission, or investment income
- You owed more than $3,000 in income taxes in either of the past two years
- You don’t have taxes withheld at source
CRA typically sends an installment reminder, but it’s your responsibility to pay on time—even without a notice.
When Are Quarterly Tax Payments Due in Canada?
Quarterly tax payments are due on:
- March 15
- June 15
- September 15
- December 15
TIP: If a due date falls on a weekend or holiday, payment is still considered on time if received by the next business day.
CRA Quarterly Tax Schedule (At a Glance)
| Quarter |
Payment Due Date |
Period Covered |
| Q1 |
March 15 |
Jan 1 – Mar 31 |
| Q2 |
June 15 |
Apr 1 – Jun 30 |
| Q3 |
September 15 |
Jul 1 – Sep 30 |
| Q4 |
December 15 |
Oct 1 – Dec 31 |
How Do You Calculate Quarterly Tax Payments?
You can calculate your CRA tax installments using one of three methods:
1. No-Calculation Option (CRA Estimates): CRA uses your tax returns from the previous two years.
2. Prior-Year Option: Calculate based on last year’s income.
3. Current-Year Option: Estimate based on your projected income for this year.
Our CPA firm in Montreal can help you choose the safest and most cost-effective approach.
What Happens If You Miss a Quarterly Payment?
If you miss a deadline or underpay:
- CRA charges installment interest
- You may face additional penalties
- Interest compounds daily—even on small amounts
Work with a bookkeeping service in Canada to automate your payments.
Are You a Real Estate Professional?
If you're a self-employed real estate agent, investor, or property manager, quarterly taxes can be tricky.
A
real estate CPA can:
- Project your tax burden
- Guide deductions for mileage, home office, etc.
- Prevent cash flow surprises
Why Work With a CPA for Quarterly Taxes?
An experienced accounting firm in Canada can help you:
- Avoid penalties by estimating your installments accurately
- Identify deductions
- Stay compliant with CRA
At Shemie CPA, we specialize in helping freelancers, small business owners, and real estate professionals.
Final Takeaways
- If you earn untaxed income, you may need to pay CRA in quarterly installments
- Deadlines: March 15, June 15, Sept 15, Dec 15
- Penalties and interest apply for underpayments or missed deadlines
- A CPA firm ensures accurate planning and peace of mind
Ready to Take Control of Your Quarterly Taxes?
At
Shemie CPA, we guide self-employed Canadians with tailored tax strategies.
Book a free consultation to stay compliant and ahead of CRA payments.
Frequently Asked Questions
Q1. Do I have to pay quarterly taxes if I just started my business?
If your total tax owing is under $3,000, you may not need to pay quarterly in your first year.
Q2. What happens if I overpay quarterly taxes?
CRA will credit your overpayment or refund it at year-end
Q3. Can I automate my CRA installment payments?
Yes. You can set up pre-authorized debit or use online banking.
