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Freelancer tax instalments: how to pay and what late costs

Our dates guide says when instalments are due. This one is about how to pay, how to confirm it, and what a missed one can cost.

Not tax advice. This is general information, not advice for your situation. Date checked: October 23, 2026. Rules can change, so read the sources at the bottom.

The dates, in one line

The CRA says self-employed people with business, professional or commission income pay on March 15, June 15, September 15 and December 15. If a date falls on a weekend or holiday, you have until the next business day. See our due dates guide for who has to pay and the three ways to work out the amount.

Ways to pay

The CRA says you can pay online, in person or by mail. Its My Payment service accepts these:

  • Visa Debit or Debit Mastercard.
  • A Visa Debit, Debit Mastercard or Interac debit card linked to an Apple Pay, Google Pay or Konek wallet.
  • A chequing or savings account linked to Konek.

The CRA says it does not charge a fee for My Payment. Your bank may have its own fees and limits, so ask. You can also use the remittance voucher (form INNS3) to pay in person or by mail. It comes with your instalment reminder unless you pay by pre-authorized debit.

When the payment counts

The CRA says a My Payment is usually considered paid the same business day. A payment made after 10:00 pm local time, on a weekend or on a statutory holiday is dated the next business day. Do not wait until the evening of the due date.

Confirm it landed

The CRA does not send a receipt right away for an instalment. It says to keep your proof of payment until you either:

  • See the payment in your CRA account, or
  • Get your instalment payment summary (form INNS2) in February.

Allow three business days for online payments and ten for cheques or money orders before you check. If it did not apply the way you expected, you can transfer the payment in your CRA account or phone the CRA.

Instalment interest

The CRA charges instalment interest if all three apply: you must pay instalments in 2026, you got a reminder showing an amount, and you paid nothing, paid late or paid less. It is compounded daily at the prescribed rate, which can change every three months. The CRA says the charge is only made if it is more than $25.

The penalty

The CRA applies an instalment penalty only if your instalment interest for 2026 is more than $1,000. It takes the higher of $1,000 or 25% of the interest you would have paid with no instalments. It subtracts that from your actual interest and halves the result.

In the CRA's example, actual interest is $2,500 and interest with no payments would be $3,200. Twenty-five percent of $3,200 is $800, so the $1,000 flat amount is higher. $2,500 minus $1,000 is $1,500, and half of that is a $750 penalty.

Ways to reduce the charges

The CRA says you can reduce or remove charges by overpaying your next instalment or paying it early. That earns instalment credit interest. It is not refundable and only offsets interest charges for the same year.

A freelancer routine

  1. Move a set share of every payment into a separate account the day it arrives.
  2. Put the four dates in your calendar, with a reminder a week early.
  3. Pay a few days early, not on the last day.
  4. Write down the date, amount and method. Save the confirmation.
  5. Check your CRA account after three business days, and keep the proof until it shows.

Sources

Date checked: October 23, 2026. Not legal, tax or accounting advice. Rules change, so check the official pages before you act.

Want this in a ready-to-use tool? The tracker is a spreadsheet for logging income and expenses, watching the GST/HST $30,000 total and noting instalment dates. See the Self-Employed Tax Tracker 2026 for Canada (CA$24) or Get your kit.

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