Is there something different you were looking for in the video that we could have better explained or covered?

A rough estimate is fine. However, it is best to get the estimate as close as possible so if you are unsure go with a lesser amount. This is because you will pay less tax at source but owe more taxes later if you over estimate. This could lead to a big tax bill come filing.

You would put any tuition paid in the calendar year (from January to December). It would depend if that includes two semesters for you or just one.

@@alissabryden9123 I paid 3 semester fee that is $18000 , so I need to put $18000 over there

@@rajveerkaurchahal9844 you would be filling in a TD1 2023 form for the calendar year 2023. So if you expect to pay $18,000 between Jan 1 to December 31 for tuition then yes you would put $18K there.

@@alissabryden9123 thank you very much for your help I have one last question, do I need to fill the same amount in British Columbia form as it states you need to enter total of tuition fee less Canada training credit

@@rajveerkaurchahal9844 yes it would be the same.

Thanks!

Thanks for your comments. My explanation for this one is focused on the explanation of what each is. But I see your point in that we could go further in explaining why this matters. Ultimately, if you walk into a store and pay you of course just "Spent Money" and if you ask them to invoice your account then that would be a bill. But "I think" you're wanting to see an expansion of the reporting side to that equation and perhaps an explanation of cash vs accrual accounting. I will take your notes and see if we can add Part 2. Cheers.

Hello, you have to complete both of the forms. One is letting your employer know what provincial taxes to take and the federal form is letting them know on the federal side. Since we pay both provincial and federal taxes in Canada both forms are required.

@@virtualheightsaccounting If the amount of money earned that does not exceed the basic personal amount, will I still need to complete my 2022 personal tax credits return forms? Another question, I have is when you have a new employer the personal tax credits return forms that employers send to you is that for you to keep until you have to file your taxes near the end of the year or is it required for your employers to receive those forms for you to be eligible for employment? Thank you

@@alexzhou4440 Your employer is required to receive and keep those forms to be eligible for employment as they are required to have this information by the Canada Revenue Agency. You are not required to keep the forms. If your income is below your personal tax credits you would not be required to file a personal tax return however there may still be reasons you will want to. For example, if you are 19 years or older you can receive a GST credit which the government will send to you quarterly. It is also important if you are a student to build up your tuition credits for future tax savings and your current income will also build up your RRSP room. Start contributing young and it will set you up well! CRA determines GST credit eligibility from filed personal tax returns (www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4210/gst-hst-credit.html). If you pay any tax on your payroll you will also get that back and any overpayments of EI/CPP if you hold multiple jobs so often there are good reasons to file.

You will have to fill out both forms. One is to let your employer know which provincial tax rate you are subject to and the federal one is for federal taxes. Since we pay both provincial and federal taxes you are required to complete both forms.

Hello, No Line 1 is deemed to be $Nil as you cannot claim it twice. So just put in $Nil or $0 at the bottom of the TD1 form and check the box that you have more than one employer.

Hello, sorry I am not clear on your request. Which line are you having trouble with?

Both forms are required to be completed.

Hello, Line 1 is not an estimate of salary. It is the credits you are entitled to deduct on your personal tax return. Each Canadian tax resident is eligible to make a base amount of income tax-free. That is $14,398. If you file a tax return with less than that amount you do not pay taxes. If you make $155,625 you still do not pay taxes on the first $14,398 you made. If you put your salary in that box then technically you would be saying you don't pay taxes in Canada. The CRA will have some issues with that ;) I hope that helps.

You are correct. These are the credits you are able to claim against your income not your income. They are limited to the credits you are entitled to which if only are personal credits then would be limited to that.

Multiple employers is for when you have more than one employer at the same time. So you would not check that box if you are transitioning from a previous employer. You would then be able to claim your credits for the year. This is pro-rated based on income throughout the year so you would actually not claim 0 for line 1 but the full personal credits amount.

@@alissabryden9123 Thank you so much for your prompt response. I completely got confused. You are right - I will be transitioning to a new employer, so I’ll claim full credits! Thanks again!

Hello, you put it down based on tuition fees paid. If you are completing it now in 2022 you would then only put the Jan 2022 to April 2022 amounts.

Absolutely, in that question, they are referring to a non-resident for tax purposes. It does not have anything to do with citizenship. Determining if you are a Canadian resident for tax purposes can be tricky. If you have left a country and moved to Canada and you ceased residency in the country you left then you may immediately be considered a tax resident (and an immigrant to Canada). International tax rules and compliance really make it so you will be a resident somewhere. If you normally and routinely still live in the country you have moved from then you still could be a resident of Canada if you live in Canada for 183 days or greater. You can check out more on tax residency here: www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/determining-your-residency-status.html. The question on the TD1 form is that if you are a non-resident, will most of your income be from Canada (and it explains that most means over 90%). I hope that helps!