[JCMCNL]

I was wondering if its possible to get my employer to stop withholding tax so I can pay in a lump sum every quarter or on a yearly basis. I found this post by someone with the same motivations:

http://canadianmoneyforum.com/showthread.php?t=7363

But there didn't seem to be a clear consensus.

Has anyone managed to do this while employed at a company?

Thanks.

 

[Plugging Along]

As in the other thread, you cannot with hold your tax and remit lump sum. The employer must remit your income taxes every month. You can have it reduced by filling out he form for RRSP contributions, childcare, etc. , but not completely not remit for the month.

 

[the-royal-mail]

What PA says is true - to a point. It also is worth mentioning that if you make less than the basic personal exemption amount (around $10K I believe), you can fill out the form with your employer which tells them not to take any tax off.