Payment arrangement calculator
This Payment Arrangement Calculator can be used to assist you in formulating a proposed payment arrangement plan to pay off your tax debt taking into consideration your current financial situation and the interest you will be charged. The longer you take to pay off your debt the more it will cost you in interest as interest is compounded daily.
The calculator allows you to calculate different payment proposals based on your circumstances. You may then use these as a guide to propose a payment arrangement that enables you to address your tax obligations.
When creating a proposed payment arrangement, be realistic about your financial situation and other factors which may affect your ability to maintain payments for the entire period of the payment arrangement. A Monthly Net Income and Expense Worksheet tool is available to assist you in calculating the net income you have available to pay your tax debt.
What does this Payment Arrangement Calculator do?
This calculator calculates the frequency and amount of your payments in two ways:
- By determining how long it will take you to pay off your debt, based on how much you can afford to pay and how frequently you may wish to make payments, for example each week, every two weeks or monthly.
- If you want to pay off the debt in a set period, for example six months, the calculator will calculate how much you will need to pay depending on the frequency of your payments.
Once you have worked out a payment scenario based on your circumstances you can use it to propose a payment arrangement plan to the CRA.
Use the calculator
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