TD1 form - 2 jobs

[pino1130]

Need your expertise on this! I'm a new immigrant living in Ontario and have little knowledge of the CA tax system.

I 've been on a part-time job since April (15hr/week) and recently I just got a full-time job that will start as of July. I already filled out the TD1 form with my part-time employer, claimed $12,069 and checked the box "Income Less Than Total Personal Tax Credits" because it was my only job at that time, and my employer has not deducted tax from my earnings.

My question: if I continue to work for this part-time employer, then when I fill out the new TD1 at my full-time employer, should I check "More than one employer or payer at the same time" and enter "0" on line 13? Does this mean I will have to pay more taxes or the amount of taxes will still be equal to my total income of 2019?

I've heard it somewhere that we should claim the tax credits on the higher paid job. Hence why I'm not sure if I fill out the new TD1 that way, is it a disadvantageous approach and if so, how could I adjust it?



Thank you so much!!!

 

[mad_hatter]

Need your expertise on this! I'm a new immigrant living in Ontario and have little knowledge of the CA tax system.

I 've been on a part-time job since April (15hr/week) and recently I just got a full-time job that will start as of July. I already filled out the TD1 form with my part-time employer, claimed $12,069 and checked the box "Income Less Than Total Personal Tax Credits" because it was my only job at that time, and my employer has not deducted tax from my earnings.

My question: if I continue to work for this part-time employer, then when I fill out the new TD1 at my full-time employer, should I check "More than one employer or payer at the same time" and enter "0" on line 13? Does this mean I will have to pay more taxes or the amount of taxes will still be equal to my total income of 2019?

I've heard it somewhere that we should claim the tax credits on the higher paid job. Hence why I'm not sure if I fill out the new TD1 that way, is it a disadvantageous approach and if so, how could I adjust it?



Thank you so much!!!

Employer use TD1 to determine the amount of tax deduct from your employment income, however, this is not your final tax liability. At the end of the year, you add together all your incomes to calculate your tax payable. If your employer(s) had deducted too much, you will get a refund, if the employer(s) deducted too little, you will have to pay the CRA.

It is to your advantage to have the correct amount deducted from your paycheck. I would suggest you submit a new TD1 to your part-time employer indicating you will be making over the total tax credit.

 

[Copingwithlife]

As well if you are working two part time jobs it is always to your advantage to ask one of the employers to deduct more tax than needed. Otherwise when you combine the two incomes together when filing your taxes, you may not have contributed enough tax on the combined amounts, and you end up in a tax owing position to the Feds at the end of the year

 

[pino1130]

So, assuming that what I should do is to claim the 12,069 on my new FT job and submit a new TD1 form to my PT employer claiming 0 plus ticking the box "More than one employer or payer at the same time" on the PT as well?

Thanks all!

 

[mad_hatter]

So, assuming that what I should do is to claim the 12,069 on my new FT job and submit a new TD1 form to my PT employer claiming 0 plus ticking the box "More than one employer or payer at the same time" on the PT as well?

Thanks all!

Yes