What is the Business Tax Installment Payment Plan (BTIPP)?
BTIPP is a popular program that allows you to pay your business tax on a monthly basis instead of a single annual payment.
Your payment automatically comes out of your chequing account the first day of every month, making budgeting easier and eliminating the risk of a 7% penalty.
BTIPP information
How does BTIPP work?
Each year business taxes covering the period from January 1 to December 31 are billed in February, due at the end of March.
If you pay through BTIPP you don't need to worry about the payment deadline or late payment penalties. Your taxes are spread over 12 months, starting January 1, with your account being paid in full after your December 1 installment.
Your installment amount is calculated by dividing your most recent annual tax levy by 12, rounded up to the nearest dollar. This amount is paid through automated withdrawals from your bank account the first day of each month.
When you receive your annual tax bill in February your installment will be adjusted to reflect the actual tax levy, ensuring your account is paid in full by year end.
Your tax bill will show:
The BTIPP credit-to-date.
The new installment amount for the remainder of the year.
The date we will start withdrawing the new installment amount
At year-end:
BTIPP automatically continues from year to year.
All installment amounts are reviewed in December.
If an adjustment is made to your installment amount, you will be notified.
