Do I have to make tax installments for 2013 to CRA?

Q. Do I have to make tax instalments for 2013 to CRA?

A: If your net tax owing was more than $3,000 on your 2011 tax return, you have to make quarterly instalments. Self-employed farmers and fisherman have a different set of rules.
Instalment payments due on or after the date of death are not payable. Any balance is due is paid upon filing the terminal tax return. For deaths occurring from January 1 to October 31, the due date is April 30th. For deaths occurring from November 1 to December 31, the due date is six months after the date of death.
CRA will send instalment reminders in February and August. Their calculation called the “no-calculation option” is based on your tax owing for the prior two years. If you pay your instalments on time, there should be no instalment interest or penalty. An instalment penalty is charged if your instalment interest is more than $2,000.
Alternatively, you may compute your instalments based on either the prior year amount owing or on an estimate owing for the 2013 taxation year. If the amount paid using either of these methods was too low, instalment interest and penalty will be charged.
If you expect your income not subject to tax withholding, such as investment or rental income will drop significantly in 2013, the current year option may be the better instalment base.
Your tax preparer will provide you with you with an instalment schedule based on your history that will provide you with the lower of the no- calculation option and the prior year option. You need to advise them if you believe the 2013 estimate will be lower.

You should consult with your professional advisor on all related matters.