Originally Posted by **********

Here's a simple trick. Create a second savings account and start depositing money into it on a regular basis. You probably already know what your tax bill will be next year, so divide that number by 12 or 24 and start paying that amount into it every month or twice a month. Then when it comes time to paying the taxes, you will already have the money to do it.

If you can't pay your taxes in one shot, sometimes the government will let you spread it out over payments (Revenue Quebec allows this). This is ok except that the government will charge you interest (usually a lot) plus other fees too. If this is the case, you might be able to borrow the money from your bank or even from your credit card at a much lower interest rate than the government interest rate.

Finally if possible explore other options. Look into TFSA's (Tax Free savings accounts), RRSP's etc, to reduce your tax burden. And if you don't have an accountant, hire one immediately. If you're running a business you are entitled to all kinds of discounts and programs that the governments offer that you should be taking advantage of.