#MONTHLY GROSS RECEIPTS EXAMPLE HOW TO#
#MONTHLY GROSS RECEIPTS EXAMPLE PLUS#

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Interest is allowed on any overpayment for each day there is a surplus in a person’s tax account.

#MONTHLY GROSS RECEIPTS EXAMPLE PLUS#

Interest is charged daily on any unpaid portion of any amount payable, from the day the payment is due to the day the payment plus interest is received.

#MONTHLY GROSS RECEIPTS EXAMPLE HOW TO#

Learn more about how to submit your gross revenue charge instalment payments Interest With your monthly instalment, please submit the remittance form included in your personalized gross revenue charge return. Your total monthly payment would be $ 1,000, not including interest. Your total monthly payment would be $1,000, not including interest.įrom March to December, you’ll need to pay the lesser of: 1/12 th of the total of the amounts payable from two years beforeįor example, if you owe $12,0 and $13,500 from 2015, your monthly payment would be $1,000 from this year ($12,000/12 = $1,000) or $1,125 from 2 years prior in 2015 ($13,500/12), whichever is lower.1/12 th of the total of the amounts payable for the year, and.Payments are due on the 16 th of each month.įor January and February, you’ll need to pay the lesser of: If the total of the amounts payable for all stations is $10,000 or more, monthly instalments are required. The lower of the two amounts is the amount payable. Repeat the calculation for the previous year.

To calculate how much you have to pay each quarter, take the total amounts payable for all of your stations from this year and divide by four. With each quarterly instalment, you must submit the remittance form included in your personalized gross revenue charge return. Payments are due to the Ministry of Finance on the 16 th of March, June, September and December of the year. If the total amount payable for all stations owned is more than $1,000 but less than $10,000, payments will be made in quarterly instalments. Summaries will not be issued for each instalment paid, but the total payments will be shown on the Notice of Assessment once the annual tax return has been filed. Payments cannot be made at financial institutions or banks. The gross revenue charge can be paid by cheque or money order. Payment instructions are included in the remittance form you receive with your personalized gross revenue charge return.

$10,000 or more, monthly instalments are required.

between $1,000 and $10,000, quarterly instalment payments are required.

less than $1,000, a single payment can be made.

There are three payment options, depending on how much tax is owed. Learn how to complete the annual gross revenue charge return Paying the tax

The return can also be filed at a Ministry of Finance tax office or at certain ServiceOntario locations. You can file your return by mailing it to: The return needs to be completed and filed by March 16. Filing a returnĮvery year a personalized gross revenue charge return will be sent by mail. Water rental charge rateĪ fixed rate of 9.5% on the station’s annual gross revenue is charged for water rental, regardless of how much water the station uses. Property tax revenue is split between the Minister of Finance and the Ontario Electricity Financial Corporation. The amount of property tax owed depends on how much electricity the station generates each year. Gross revenue charge rates Property tax rates water rental charges payable to the Minister of FinanceĪll three parts of the gross revenue charge can be paid by cheque or money order.property taxes payable to the Ontario Electricity Financial Corporation.property taxes payable to the Minister of Finance.The gross revenue charge is broken into three parts: Gross revenue is calculated by multiplying the station’s annual generation for the year by a price of $40,000 per gigawatt hour.

The taxes and charges owed are known as the gross revenue charge ( GRC). Hydroelectric generating station owners and water power leaseholders need to register with the Ministry of Finance to pay taxes and charges on their gross revenue.

Monthly gross receipts example