Instalment payments are calculated when you join TIPP, based on the timing. All TIPP accounts must be paid in full by year-end, or they will not be considered "in good standing" and penalties will apply.
Payments are automatically recalculated in January and July of each year, to ensure that account holders can ensure payment in full by year-end.
If for any reason, an account holder in good standing needs to temporarily terminate their TIPP account but wishes to re-enrol before the end of the year, the instalment payments can be recalculated to ensure the account is paid in full by year-end.
Please remember that if you participate in the Tax Installment Payment Plan (TIPP), no additional payment on your taxes is required when you receive your annual tax notice.