Canada: Record income tax by instalments each quarter

In Quebec, Canada, each quarter, I need to pay income tax instalments.


Can you provide a step by step guide on HOW TO RECORD this in QuickBooks?

I understand, the amount paid, will only show in Balance sheet.

It will not show on income statement.

Do I record yearly corporate taxes the same way? How about 

GST/HST AND QST payment, is it record the same way?

Thank you

Answer

1 person found this helpful

Hi info,

It’d be a delight to assist you with your concern today.

You can record instalment in QuickBooks Online. Let me share with you how.

  1. Click Taxes.
  2. Go to Payments, and then click Record instalment.

Once done, it will appear on your tax return and will deduct based on the date of the installment. It also works the same way in provincial and GST installment payments.

With regard to the corporate tax, it should be tracked and recorded manually via expense transaction or contact an accountant. GST/HST and QST is the Canada Government tax and provincial tax.

Let me know if you have further questions about the products. I'd be more than glad to explain it to you further. Thank you.

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IntuitAngelo , Community Support Specialist
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