How to Fill out a TD1 Form (2021)

 

Your employer is required by law to ask you for some information about your particular tax situation, and that’s why they have asked you to complete a TD1 form. 

It is also known as the 2021 Personal Tax Credits and Return, and is requested when you begin your new employment.

Employers are required to keep this form on file, because when they get audited by Canada Revenue Agency, they need to be able to prove that they have withheld the proper amount of source deductions; that’s the income tax in the CPP and the employment insurance premiums at source. 

There is a federal (TD1) and provincial (TD1ON) version and you can access the form here

Please note: This article covers information pertaining only to the federal TD1 version.

 

The Most Common Error: TD1 Tuition Credits

Where most confusion arises (and the most common place for errors) is question 5 in the federal form, regarding TD1 tuition credits. 

Watch the video to find out how to avoid this error and how to fill out the TD1 tuition credits  section correctly.

 

How Tucker Professional can Help

We offer our support and assistance to medical residents in a variety of ways, including:

  • Providing guidance in setting up their record keeping system
  • Understanding which expenses to track
  • Answering payroll-related questions
  • Offering financial planning and tax advice. 

During tax season, we assist with the preparation of Canadian personal tax returns for medical residents and fellows. Each of these services are offered at no charge (in most cases). So if you’re interested, or have a friend or colleague to whom this may be relevant, feel free to pass this along.

Jonathan Tucker

Jonathan Tucker

CPA, CA, LPA