This is an assignment in Introduction to Canada Taxation course.

Mr. C, a resident of Alberta, has the following income and tax information from 2020 to 2022.

What amount is Mr. Cs quarterly payment using CRAs second alternative in installment calculation?

Year	Taxes Payable	Tax Withheld
Second Preceding Year 2020	$63,000	$62,000
First Preceding Year 2021	$68,000	$60,000
Current Year 2022	$78,000	$72,000

Hint: You need to compute the next tax owing to get the quarterly payment.

Formula:

Next Tax Owing = Taxes Payable Tax Withheld

Quarterly payment using Option 2 = Actual next tax owing for the first preceding year 4