Did you fill in a new TD1 form at work yet for 2017? Business owners should have asked their employees to do this by now. Some provinces also require a provincial TD1 form. The province that I work in – Nova Scotia – has a separate form, so Nova Scotians need to fill in two forms. This form filling will make a Nova Scotian sad because the federal government allows you to make $11,635 before you have to pay personal tax but the province of Nova Scotia only allows you to make $8,481.
The TD1 form is particularly important for people who work more than one job. If you were to have a second job where you made less than $10,000 in a year, that employer would not be taking any income tax deductions unless you asked them to. When you put both of your T4’s on your personal income tax return you are going to owe money because each of your employers will have considered the $11,635 you are allowed to make, and you are only entitled to that deduction once.
So here is the message – if you fill out more than one TD1 form you should only claim the “basic personal amount” once.
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