1 year ago
Tax isn't my thing. Need some serious help.
I got hired this month January 2013, at a new employer. This will be my main job and I also have a part-time job only on weekends at mcdonalds. So I will have two employers for this year.
So this is new to me. My new employer gives me 2 forms TD1 and TD1BC. How am I suppose to do this? I have nothing for lines 2-12. So just put the total claim amount as the basic personal amount?
If anyone can also give me a numerical example of how personal tax credits return works that would be great as well.
So let's say I make 30000 in total from 2 jobs. Where would these tax credits come into play? And I believe I have tuition fees I can carry forward as well.
How to fill TD1 and TD1BC forms?
To put taxes into perspective, let's use a simple example.
-- The first $15,000 of income is untaxed
-- The next $25,000 of income is taxed at 20%
-- You make $25,000 at one job, and $5,000 at the other
Each job will withhold taxes assuming it is your only job. So, for your main job, they will withhold the proper amount of tax for your $25,000 income. Your second job won't withhold anything as they think it's your only job. But you will have to pay $1000 tax (20% of 5000) on your second job. You have three choices:
-- pay the tax at the end of the year when you file your tax return
-- pay the tax throughout the year with voluntary withholding (the part on the TD1 which says you want additional tax taken off)
-- offset the income with other credits (like your tuition credits)
You get the idea. The numbers aren't exact because the feds and each province have their own exemption limits, which overly complicates things.
If I were you, I'd file the minimum TD1s (only personal amount), and settle up when you file your return.
Discover Questions in Polls & Surveys