Thank you for breaking this down so clearly! Understanding personal tax credits can be confusing, especially with multiple employers. Your explanations make it much easier to grasp the essentials. This is super helpful for anyone navigating their taxes in Canada!
Hello, First of all, thank you for sharing this video with us. It is very helpful. I just really want your help. I started working part-time in July 2024, averaging 30 hours per week (I’m getting an average of $400 per week). Today, I got another full-time job offer (24$/hour, 37.5 hours per week), so I have to sign the TD1. I’m wondering if I should sign it as you explained. Also, starting next week, I will only work 3-5 hours per week at my first part-time job. What do you suggest I do? Thank you!
Sign the td1 and give to both employers. Your full time job should be your 1st job, so regular payroll deductions should apply on this one. The part time job would be your 2nd job. Here’s where I’d indicate it as my 2nd employer, and they should adjust your deductions so that it doesn’t claim the basic credit a second time. Hope this helps.
I started working for employer A in Oct 2023 and got a second job in Feb 2024. I currently work for both employers simultaneously and get paid by them. Here is my question, to which of these two employers will I indicate that I work two jobs?
Great video. I have a question though. what if your first employer's income for the month is say about $500, then if you dont fill out TD1 for a second employer you would be giving up $1,750 tax credits for each month. I understand that you could get a refund on the back end for the additional taxes you would pay. But what if you want to get those credits each month?
You’re not giving up credits. The credit is for the year, and if you work for 2+ employers simultaneously, it could be hard to know exactly how much of the credit should apply to each employment for each month. When you file your taxes, any over / underpayment will be rectified.
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Thank you for breaking this down so clearly! Understanding personal tax credits can be confusing, especially with multiple employers. Your explanations make it much easier to grasp the essentials. This is super helpful for anyone navigating their taxes in Canada!
Absolutely!💯
This is a great video. Thank you for this :)
I’m glad you found it useful 💜💜
Excellent video! The creativity and passion really shine through. Keep inspiring us, Ida. - Lhiamel
Thanks team ❤️❤️
I appreciate your feedback 🙌
Thank you. Just learning Canadian taxes for cpa for the first time thank you!
You’re welcome. Let me know if you have any questions
Hello,
First of all, thank you for sharing this video with us. It is very helpful. I just really want your help. I started working part-time in July 2024, averaging 30 hours per week (I’m getting an average of $400 per week). Today, I got another full-time job offer (24$/hour, 37.5 hours per week), so I have to sign the TD1. I’m wondering if I should sign it as you explained.
Also, starting next week, I will only work 3-5 hours per week at my first part-time job. What do you suggest I do?
Thank you!
Sign the td1 and give to both employers.
Your full time job should be your 1st job, so regular payroll deductions should apply on this one.
The part time job would be your 2nd job. Here’s where I’d indicate it as my 2nd employer, and they should adjust your deductions so that it doesn’t claim the basic credit a second time.
Hope this helps.
I started working for employer A in Oct 2023 and got a second job in Feb 2024. I currently work for both employers simultaneously and get paid by them. Here is my question, to which of these two employers will I indicate that I work two jobs?
The one you started working with in Feb 2024. They’re your “second” employer.
Great video. I have a question though. what if your first employer's income for the month is say about $500, then if you dont fill out TD1 for a second employer you would be giving up $1,750 tax credits for each month. I understand that you could get a refund on the back end for the additional taxes you would pay. But what if you want to get those credits each month?
You’re not giving up credits. The credit is for the year, and if you work for 2+ employers simultaneously, it could be hard to know exactly how much of the credit should apply to each employment for each month.
When you file your taxes, any over / underpayment will be rectified.