TD1 FORM

This topic is very good foresight. Always used TD1's to give me a boost at tax time.

Someone mentioned RRSP's, let me mention TFSA's but that's another topic.

Question though, I can use a TD1 to adjust my ELB tax deducted right? Anyone concur...

pinger.

hi all .
thanks again for the info .
just printed out my forms and will be sending in later.
yes I was also one how had increase in jan of $200 on ltd .
so thks all again .
rick

ceedee, this thread may be of some help.

lol yup no real benefit their . however I do recall now two dependents I did forget and the deduction should be big for them because they are both nuts.

propat

Who the hell did you miss? You forgot us vets. It's ok... were just 2 cents. pinger.

can someone help me out with this tax dilemma I think I may have not listen them all. cann anyone tell me who im missing .




I just received my tax return for 2014 back from the Revenue Canada. It puzzles me!!!

They are questioning how many dependents I claimed.

I guess it was because of my response to the line : "List all dependents" ...

I replied: 2 million immigrants ; 1 million crack heads;

7.3 million unemployed people; 100,000 people in prisons;

Half of Haiti; 105 Senators and 308 Members of Parliament.

Evidently, this was NOT an acceptable answer.

I KEEP ASKING MYSELF,

WHO THE HELL DID I MISS?

anyone ???????

disclaimer; this is just for a little levity and not intended to belittle ore disrespect anyone.

propat

understood trooper that's exactly the way I took it buds .

guys are just throwing out some good ideas for people to consider .

propat

Just to be clear of what I have said in my post - I was posting on the assumption that peep's CF and CPPD pensions had the proper tax withheld as he sees fit - as per I am posting on latest change that took place with our increase with respect to our  January sisip payment.

I just want to make sure that is understood - I was posting only with regards to the latest sisip change, in how they changed the way they now withhold tax - and what actions we can take to have more tax deducted if we so choose to do so.

good point as well teen.

propat

tetech and saber have some good advice but different strokes for different folks .

like saber I know what I pay each year to help me predict next year .

like tetech I pay as little as possible as I consider it a tax free loan to the GOC.

however im not a big fan of RRSP,s.

I have one place I do all my investing so all my tax money at the end of every month goes there into one thing or another along with my regular investments.

at the end of the year I get a big tax bill and pay it out of that spot so I never have to touch my regular accounts.

been a while since I did the math but it use to put some good coin in my pocket at years end.

propat

have to second tetech on his suggestion. RRSP's are a good tax equalizer and with the payout we have received from LTD lawsuit the RRSP amounts should be high enough to make it count.

Another point to save on the tax dollar is pension income splitting. It has helped me in the past with my taxes.

Hi Peep.   You are right, do not use your VAC pension for the TD1 calculations.  Only taxable income.  Here's what I do,

Once I receive all my January paystubs (eg CF pension, SISIP, CCP(D), part-time job, anything you pay income tax on), I figure out what my annual income and taxes will be and then fill out a working copy tax return, also with known deductions (RRSP, estimated medical expenses).  This gives me a ballpark idea on whether I will be overpaying or underpaying CRA.  If I'm underpaying, divide by 11 (Feb-Dec) and complete a TD1 requesting additional tax be deducted every month.

I am a currently serving RMS clerk working in the Fin Office and have told several people in my unit this trick and it has worked well for them too.

Remember, once you request additional tax, it continues indefinitely until you send another TD1 changing the amount, either to zero, or another dollar figure.

I did this when my hubby retired and sent the TD1 for additional tax to only one place, SISIP.  You don't have to send one to every organization.  I'll be doing this again this year once all the stubs come in.  I don't want to pay CRA at tax time, and I sure don't want to send them more money than I need to right now.

I hope this helps.
Sabrelove

Hi

Myself, I would deduct the least amount of tax possible. Take this savings and dump it into an RRSP. This will lower the taxes you owe at the end of the year and it keeps more money in your hands and out to the governments.

Yes you will pay taxes on it when you draw on the fund, but your should be in a lower tax bracket.

Just my 2 cents

peep,

This form TD1 is only for " SISIP " your CF and CPPD has absolutely nothing to do with it.

What happen is that sisip was deducting tax each Month on our payments, they were doing this as per their policy - The CRA has now told them ' SISIP ' that they now can only deduct the bare minimum which is not much - that is why we all got and increase in our Monthly payments - we did not get and increase in pay because of any new funds given to us, we just had the higher % of taxes they were withholding put back into our payments.

Awhile back we use to have to fill out a form for tax deductions with both the CF and CPPD pensions, I now think we can do this by calling them.

Because this is new to SISIP, they were told by the CRA to have members fill out the TD1 form - so whatever you put in that box of additional tax to be deducted - they sisip will deduct that amount Monthly until you give them instructions to change it down the road if you choose to do so.

Me again. Sorry.

This is for CF Pension, SISIP and my CPP (D) correct? We do not put the VAC Pension here I assume.