TAX QUESTIONS? YOU ASK LAH!

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Q: I am earning business income and paying tax instalment payments via Form CP500. At the same time, I am also a part-time agent who sells insurance. Is my commission income subject to the 2% withholding tax provision?

A: Yes, the 2% withholding tax provision is still applicable even though you are subject to tax instalment payments via Form CP500. The insurance company is required to withhold 2% of your commission payment if the threshold is met.

Wishing you plentiful tax savings! 

Zen Chow

YYC Tax Guru

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