115 (1) Subject to subsection (7), every individual shall pay to the Ontario Minister in respect of each taxation year, (a) on or before March 15, June 15, September 15 and December 15 in the year, an amount equal to one-quarter of, (i) the amount estimated by the individual to be the amount, if any, by which the tax payable under this Act by the individual for the year exceeds the amount deemed by section 84 to be paid on account of the individual’s tax payable under this Act for the year, or (ii) the individual’s instalment base for the preceding year; or (b) on or before, (i) March 15 and June 15 in the year, an amount equal to one-quarter of the individual’s instalment base for the second preceding taxation year, and (ii) September 15 and December 15 in the year, an amount equal to one-half of the amount, if any, by which the individual’s instalment base for the preceding taxation year exceeds one-half of the individual’s instalment base for the second preceding taxation year.  2007, c. 11, Sched. A, s. 115 (1); 2010, c. 1, Sched. 29, s. 26 (1). Payment if chief source of income is farming or fishing (2) Despite subsection (1) and subject to subsection (7), every individual whose chief source of income for a taxation year is farming or fishing shall, on or before December 31 in the year, pay to the Ontario Minister in respect of the year, an amount equal to two-thirds of, (a) the amount estimated by the individual to be the amount, if any, by which the tax payable under this Act by the individual for the year exceeds the amount deemed by section 84 to be paid on account of the individual’s tax payable under this Act for the year; or (b) the individual’s instalment base for the preceding taxation year.  2007, c. 11, Sched. A, s. 115 (2); 2010, c. 1, Sched. 29, s. 26 (2). Instalment base (3) An individual’s instalment base for a taxation year for the purposes of this section is the amount determined under paragraph 161 (9) (a) of the Federal Act for that year, less the amount deemed by section 84 to be paid on account of the individual’s tax payable under this Act for that year.  2010, c. 1, Sched. 29, s. 26 (3). Tax credits under s. 84 (3.1) For the purposes of subclause (1) (a) (i), clause (2) (a) or subsection (3), the amount deemed by section 84 to be paid on account of the individual’s tax payable under this Act includes all amounts that would be included if the calculation were made on or after the individual’s balance-due day for the year.  2010, c. 1, Sched. 29, s. 26 (3). Transitional (4) For the purposes of subsection (3), a reference in the Federal Act or Federal regulations that would be read, under subsection 1 (7), as a reference to tax payable under this Act for a taxation year ending before January 1, 2009 shall be read as a reference to tax payable under the Income Tax Act for that year.  2007, c. 11, Sched. A, s. 115 (4). Payment if collection agreement in effect (5) If a collection agreement is in effect and an individual pays an amount in respect of a taxation year pursuant to a method set out in subsection 155 (1) or 156 (1) of the Federal Act, the individual shall use the corresponding method in subsection (1) or (2) in determining the amount or amounts payable for the year under subsection (1) or (2), as the case may be.  2007, c. 11, Sched. A, s. 115 (5). Mutual fund trusts (6) Despite subsections (1) and (5), the amount payable by a mutual fund trust to the Ontario Minister on or before any day referred to in subsection (1) in a taxation year shall be deemed to be the amount, if any, by which the amount that would be payable under those subsections but for this subsection exceeds 25 per cent of the amount of the mutual fund trust’s capital gains refund as determined under Part VI for the year.  2007, c. 11, Sched. A, s. 115 (6). When no instalment required (7) If an individual is not required to pay instalments in respect of a taxation year under section 155 or 156 of the Federal Act by reason of section 156.1 of that Act, subsections (1), (2), (5) and (6) do not apply to the individual in respect of that taxation year.  2007, c. 11, Sched. A, s. 115 (7). Balance of tax payable (8) Subsection 156.1 (4) of the Federal Act applies for the purposes of this Act.  2007, c. 11, Sched. A, s. 115 (8). Section Amendments with date in force (d/m/y) 2010, c. 1, Sched. 29, s. 26 (1-3) - 01/01/2009