Government pension as lump-sum cash payout

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Reference no: EM131255866

In 2015, Angus left the government and started working for a private corporation. Because he chose to receive his government pension as a lump-sum cash payout, he owed $20,000 upon filing his 2015 tax return.

Angust has never paid instalments before since his income was mainly employment income, where tax was withheld at source, but he has chosen to do some consulting work on the side, and believes he will owe ~$8,000 in taxes on this income on his 2016 tax return.

How much would you advise Angus to make in instalments in 2016? (show all your work)

Reference no: EM131255866

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