Section 155 — Income Tax Act: Farmers and fishermen

Subject to section 156.1, 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 Receiver General in respect of the year, 2/3 of the amount estimated by the individual to be the tax payable under this Part by the individual for the year, or the individual’s instalment base for the preceding taxation year. In this section, instalment base of an individual for a taxation year means the amount determined in prescribed manner to be the individual’s instalment base for the year.