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 2012
• Worksheet 2 - Calculating monthly instalment payments for 2012
• Worksheet 3 - Calculating quarterly instalment payments for 2012

Worksheet 1 - Calculating estimated tax payable and tax credits for 2012

Use Worksheet 1 to estimate your current-year tax payable and your tax credits. Then use these amounts to complete the current-year information area on Worksheet 2 or Worksheet 3.

Include Nova Scotia tax on large corporations, but 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 tax, or refer to Part IV of the Income Tax Regulations, the T2 - Corporation Income Tax Guide, or your provincial or territorial legislation.

Worksheet 2 - Calculating monthly instalment payments for 2012

Use Worksheet 2 to determine your monthly instalments for the year. After you have calculated the taxes you owe 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 columns for 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 date.

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 2012

Use Worksheet 3 to determine your quarterly instalments. After you have calculated the taxes you owe 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 columns for 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 date.

Forms and publications

• Corporation Instalment Guide (T7B-CORP)
• T2 Corporation - Income Tax Guide (T4012)
• Schedule 5, Tax Calculation Supplementary - Corporations
• Worksheet T2WS1, Calculating estimated tax payable and tax credits for 2012
• Worksheet T2WS2, Calculating monthly instalment payments for 2012
• Worksheet T2WS3, Calculating quarterly instalment payments for 2012