TD1 FORM

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TD1 FORM

Post by Trooper on Thu 22 Jan 2015, 14:34

I have just sent in my TD1 form, and just thought I would pass on a few things for those who are contemplating doing the same.

The form is available online to copy and print.

You will need the Federal TD1 - not the provincial - the Federal will state TD1, and the provincial will state TD1NB or whatever province you reside.

The form is pretty much straight forward, they are two pages to the form, both pages need to be sent in.
The first page you would put your personal info, and you would leave the employee number blank.
You should write somewhere at the top, your service number.

The second page under " ADDITIONAL TAX TO BE DEDUCTED " you will put the amount, you want them to deduct on your Monthly payments.

Sign it, and date it, and send it off to Manulife.

NOTE: The reason for sending mine in now, is I'm hoping they will deduct my request, by February's payment.
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Re: TD1 FORM

Post by Rifleman on Thu 22 Jan 2015, 15:44

Thanks for the info Trooper

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Re: TD1 FORM

Post by Guest on Thu 22 Jan 2015, 16:33

Thank you Trooper, I think it is a wise move to submit the form.

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Re: TD1 FORM

Post by RobbieRoyal on Thu 22 Jan 2015, 19:35

right on buddy
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Re: TD1 FORM

Post by peep on Fri 23 Jan 2015, 14:18

OK, remember my head injury lol.
What is it you are doing here? Are you just putting in your tax deductions for the tax year 2015 so you do not owe lots next year? Or is this something else?
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Re: TD1 FORM

Post by Trooper on Fri 23 Jan 2015, 14:23

We are asking them to deduct more tax each Month, for as you say to pay less tax next year when filing our return.
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Re: TD1 FORM

Post by peep on Fri 23 Jan 2015, 14:28

Thanks, something I need to do
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Re: TD1 FORM

Post by Trooper on Fri 23 Jan 2015, 17:36

No problem,

It's one of those things - pay now, or pay later.

For me I prefer to pay now, as I prefer a good refund at tax time.
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Re: TD1 FORM

Post by peep on Sat 24 Jan 2015, 17:49

Me again. Sorry.

This is for CF Pension, SISIP and my CPP (D) correct? We do not put the VAC Pension here I assume.
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Re: TD1 FORM

Post by Trooper on Sat 24 Jan 2015, 18:50

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.
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Re: TD1 FORM

Post by tetech on Sat 24 Jan 2015, 19:00

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

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Re: TD1 FORM

Post by sabrelove on Sat 24 Jan 2015, 19:01

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.
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Re: TD1 FORM

Post by teentitan on Sat 24 Jan 2015, 19:24

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.
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Re: TD1 FORM

Post by Guest on Sat 24 Jan 2015, 19:26

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

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Re: TD1 FORM

Post by Guest on Sat 24 Jan 2015, 19:28

good point as well teen.

propat

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