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