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Worksheet 3 – Example Example Corporation A has estimated its tax for 2016 at $240,000. ... Worksheet 3 – Calculating quarterly instalment payments for 2016 Option 1 for calculating quarterly instalment payment for 2016 (instalments $60,000) Description Amount Part I tax payable 240,000 Part VI tax payable + Part VI.1 tax payable + Part XIII.1 tax payable + Total of Parts I, VI, VI.1 and XIII.1 tax 1 = 240,000 Add: provincial and territorial tax payable before refundable credits 2 + Total of Parts I, VI, VI.1 and XIII.1 tax, as well as provincial and territorial tax = 240,000 Subtract: total 2016 estimated refundable credits (enter amount D from Worksheet 1) −No value Instalment base amount = 240,000 Divide by: ÷ 4 Each of the 4 payments due under option 1: No value= 60,000 Option 2 for calculating quarterly instalment payments for 2015 (instalments $60,000) Description Amount Part I tax payable 240,000 Part VI tax payable + Part VI.1 tax payable + Part XIII.1 tax payable + Total of Parts I, VI, VI.1 and XIII.1 tax 1 = 240,000 Add: provincial and territorial tax payable before refundable credits 2 + Total of Parts I, VI, VI.1 and XIII.1 tax, as well as provincial and territorial tax = 240,000 Subtract: total 2016 estimated refundable credits (enter amount D from Worksheet 1) −No value Instalment base amount = 240,000 Divide by: ÷ 4 Each of the 4 payments due under option 2: = 60,000 Option 3 for calculating quarterly instalment payments for 2014 (instalments $77,000) Description Amount Part I tax payable 36,000 Part VI tax payable + Part VI.1 tax payable + Part XIII.1 tax payable + Total of Parts I, VI, VI.1 and XIII.1 tax 1 = 36,000 Add: provincial and territorial tax payable before refundable credits 2 + Total of Parts I, VI, VI.1 and XIII.1 tax, as well as provincial and territorial tax = 36,000 Subtract: total 2016 estimated refundable credits (enter amount D from Worksheet 1) −No value Instalment base amount = 36,000 Divide by: ÷ 4 First payment due under option 3: = 9,000 Previous-year instalment base (option 2 instalment base amount above) 240,000 Subtract: the total of payments 1 and 2 under option 3 − 9,000 Difference = 231,000 Divide by: ÷ 3 Each of the remaining 3 payments due under option 3: = 77,000 1 – If the total of Parts I, VI, VI.1 and XIII.1 tax is $3,000 or less for either 2016 or 2015, you do not have to make instalment payments on this amount for 2016. 2 – This amount is net of provincial and territorial non-refundable credits. ... Forms and publications Corporation Instalment Guide (T7B-CORP) T2 Corporation – Income Tax Guide (T4012) Worksheet T2WS1, Calculating estimated tax payable and tax credits for 2016 Worksheet T2WS3, Calculating quarterly instalment payments for 2016 Date modified: 2015-12-15 ...