Worksheets
Disclaimer
We do not guarantee the accuracy of this copy of the CRA website.
Scraped Page Content
Worksheets
We provide three worksheets to help you determine your instalments of Parts I, VI, VI.1, and XIII.1 tax, and provincial and territorial tax:
- Worksheet 1 – Calculating estimated tax payable and tax credits for 2017
- Worksheet 2 – Calculating monthly instalment payments for 2017
- Worksheet 3 – Calculating quarterly instalment payments for 2017
Worksheet 1 – Calculating estimated tax payable and tax credits for 2017
Use Worksheet 1 to estimate your current-year tax payable and your tax credits.
Note
The T7B-CORP Corporation Instalment Guide has been redesigned to provide brief line-by-line guidance to complete Worksheet 1.
Do not include provincial tax payable from Quebec or Alberta.
If you have a permanent establishment in more than one province or territory, you have to calculate the taxable income you earned in each province or territory and file Schedule 5, Tax Calculation Supplementary – Corporations.
You will find details on tax rates in Corporation tax rates and Dual tax rates.
For more information on income tax calculation, see Provincial and territorial corporation tax, refer to Part IV of the Income Tax Regulations, the T2 – Corporation Income Tax Guide, or your provincial or territorial legislation.
Note
Before you start completing Worksheet 2 or Worksheet 3 see Are you eligible to make quarterly instalment payments? to determine which worksheet to use.
Worksheet 2 – Calculating monthly instalment payments for 2017
Use Worksheet 2 to determine your monthly instalments for the year.
After you have calculated the taxes you owe in Worksheet 1 (under Parts I, VI, VI.1, and XIII.1 of the Income Tax Act, and your provincial and territorial tax), enter the amounts in the appropriate lines in options 1, 2, and 3. See Worksheet 2 – Example 1 and Worksheet 2 – Example 2.
See Calculating instalments of Parts I, VI, VI.1, and XIII.1 tax, and provincial and territorial tax for information on the three options. You can use the option that results in the least amount payable by instalments. Any remaining unpaid tax is payable on or before the balance-due day.
You may have instalments to pay for Parts XII.1 or XII.3 tax. If so, see Calculating instalments of Part XII.1 tax or Calculating instalments of Part XII.3 tax.
Worksheet 3 – Calculating quarterly instalment payments for 2017
Use Worksheet 3 to determine your quarterly instalments (if you are eligile).
After you have calculated the taxes you owe in worksheet 1 (under Parts I, VI, VI.1, and XIII.1 of the Income Tax Act, and your provincial and territorial tax) enter the amounts in the appropriate lines in options 1, 2, and 3. See Worksheet 3 – Example.
See Calculating instalments of Parts I, VI, VI.1, and XIII.1 tax, and provincial and territorial tax for information on the three options. You can use the option that results in the least amount payable by instalments. Any remaining unpaid tax is payable on or before the balance-due day.
Forms and publications
- Guide T7B-CORP, Corporation Instalment Guide
- Guide T4012, T2 Corporation – Income Tax Guide
- Form Schedule 5, Tax Calculation Supplementary – Corporations
- Worksheet T2WS1, Calculating estimated tax payable and tax credits for 2017
- Worksheet T2WS2, Calculating monthly instalment payments for 2017
- Worksheet T2WS3, Calculating quarterly instalment payments for 2017
- Date modified:
- 2017-02-07