It seems that in the T2 program the instalments are only calculated on the federal portion and not the provincial portion of the tax for the “Previous Year”. I had to overwrite the “Total instalment based before refundable credits” cell to get the proper instalments.
The calculations for the second previous year is correct.
2024-12-01T04:07:00Z
I seem to be having the same issue in the 2024 tax software - Is anyone else experiencing this right now as well?
- Yes, I have the same issue
- No, it works properly for me
0
voters
For the provincial instalment to calculate, the instalment base must meet the minimum threshold of greater than $3000. This is separately required for federal and provincial instalments. In other words, if the provincial instalments base is greater than $3,000, the provincial portion of the instalments should kick in. However, if the instalment base is $3,000 or less, the provincial instalments will not kick in unless you check this box on page 2 of the instalments worksheet.
@Steven Thank you, this was helpful!