Penalty for not paying installments on FUTURE gains(!?)

[markitzero]

I didn't have employment income last year, only capital gains, on which I paid the taxes "on time" (or what i THOUGHT was on time; prior to tax day this year). But it seems the CRA is saying I owe them ~$225 in interest/penalties because [u]I didn't pay quarterly installments[/u] last year. But that makes no sense because I typically just buy and hold mutual funds for long-term gains...and it's not until [b]December [/b]every year when I consider selling some for tax purposes.

How can the CRA say "we're penalizing you for not paying quarterly installments" when [u][i]I didn't even know if I was going to HAVE any capital gains income until late December!??[/i][/u]. It'd be somewhat reasonable if I'd realized those gains early in the previous year...then, sure: I should pay quarterly installments on realized gains. But I don't have a crystal ball...so even if i DID plan on selling in December, there's no way to know which direction the market's going to move(!)

Am I correct that the CRA will charge interest penalties on the situation above? (That's my understanding of what they did...) If so, is there anything I can do about it??

[nelsona]

Not a cross-border issue.