Are you a first timer joining a job in Canada? Well, it can be a tricky situation at times, because mainly because the tax laws can change from time to time, and it can have a direct effect on your tax situation. So, through Taxback.com, we are giving you 5 tips to keep in mind to safeguard your tax situation while starting a job in Canada.
Understand your documents well
These are some of the most important documents you need to know about:
- TD1: This is your Personal Tax Credits Return which is used by payroll in order to know your tax credits and deductions. Most of the times, employers demand completed TD1 forms before starting a job in Canada. It can be updated at any time of the year.
- T4: This is a summary document which shows your income earned and tax deducted in a particular year, which is from January 1st to December 31st. Employers usually give out these forms in February, and you will be using the numbers on this document to file your returns, so please keep it safe.
