A TD1 form is a document issued by the Canada Revenue Agency (CRA) to enable employers to collect tax information from their workers. When conducting payroll tasks (usually on a monthly and annual basis), organizations use the information provided in their employees’ TD1 forms to make necessa...
The use of TD1 forms enables the Canada Revenue Agency to collect the appropriate amount of tax every time an employee is paid, rather than as a lump sum at the end of the tax year. Individuals who are not entitled to credits above the Basic Personal Allowance will pay tax in accordance...
Organizations are legally required to collect TD1 records so that they can calculate appropriate amounts of tax and make payments to the Canada Revenue Agency (CRA). You will be asked to fill out a TD1 form by your employer when you start a new job. From that point onwards, you will...