I'm Debbie Peveril from Painless Financial Training Group. In this video, I will guide you on how to fill in the 2018 TD1 form, which employees need to complete and submit to their employers to ensure the correct amount of income tax is deducted. The TD1 form consists of two pages, and it starts off quite easy. Simply provide your name, date of birth, address, and social insurance number in the first section of the form. It is important to provide accurate information here as this is where your T4 will be sent. Now, let's move on to the specific details of the form. Firstly, we have the basic personal amount, which is the amount of money you are allowed to earn in a year before paying any federal income tax. For the year 2018, this amount is already filled in on the TD1 form as $11,809. Next, if you are a caregiver for a disabled child, you are entitled to an additional deduction of $2,182 per child for this year. The third consideration is whether you are over 65 years of age by the end of the year. If you are, there is a more complex calculation based on a worksheet. Generally, if your income exceeds $36,976, you won't receive the full age deduction. It is advisable to leave this section blank and consult with a tax professional for an accurate calculation if necessary. If you expect to earn over $85,863, then you won't qualify for this deduction and should enter a zero in this field. If you are under 65, you can skip this section entirely. Moving on, if you receive a pension other than CPP, OAS, or the Guaranteed Income Supplement, you are entitled to a $2,000 deduction. Leave this section blank if you do not receive...
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T.D. 8929 Form: What You Should Know
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