How to have less tax deducted from paycheck?

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alexm
Member since: Jun 05

Posts: 419
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Posted on: 25-02-08 12:43:27

I have a bigger chunk deducted out of my paycheck for the first 6-7 months of the year, and then get a big refund at the end of the tax year. I'd rather not wait for the govt to return my money to me, but get it upfront.

I know about the EI and CPP deductions. But I have extra deductions due to spousal education etc. Is it ok for me to add a number to my deductions worksheet at work?

I heard if I pay less taxes through the year I will have pay back the difference plus the interest amount. Is that correct?

Any suggestions on the way to go about this would be appreciated!

ash_canada
Member since: Jan 07

Posts: 121
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Posted on: 25-02-08 13:29:34

Check out Form T1213. I use it to get tax deduction from my salary for my RRSP rather than wait for a big fat refund cheque at the end of the tax year

alexm
Member since: Jun 05

Posts: 419
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Post ID: #PID

Posted on: 25-02-08 22:27:52

Thanks for the tip. I looked at the form but I need to account for deductions other than RRSP.

905Desi
Member since: Feb 08

Posts: 279
Location: Greater Toronto Arena
Post ID: #PID

Posted on: 25-02-08 22:53:07

Quote:
Originally posted by alexm

Thanks for the tip. I looked at the form but I need to account for deductions other than RRSP.

t1213 is good for all things.
it just lets u tell the gov't why u think they should allow your employer to 'withold less tax at source'.

eg. i max out rrsp's every year and donate over $20,000 annually to charity so i just tell the gov't that, respectfully ask them to check my previous many years' tax returns to validate my claim and they granted my request. ok.
good luk.

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happily holi day!

alexm
Member since: Jun 05

Posts: 419
Location:
Post ID: #PID

Posted on: 27-02-08 23:05:02

Thanks for the replies guys...I will take another look at the form.

905Desi
Member since: Feb 08

Posts: 279
Location: Greater Toronto Arena
Post ID: #PID

Posted on: 28-02-08 07:30:14

categories on the form:
RRSP
Child care expenses
Support Payments
Employment expenses
Carrying charges and interest expenses on investments

here is the form:
http://www.cra-arc.gc.ca/E/pbg/tf/t1213/t1213-04e.pdf

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happily holi day!

905Desi
Member since: Feb 08

Posts: 279
Location: Greater Toronto Arena
Post ID: #PID

Posted on: 28-02-08 07:36:40

Quote:
Originally posted by 905Desi

categories on the form:
RRSP
Child care expenses
Support Payments
Employment expenses
Carrying charges and interest expenses on investments

here is the form:
http://www.cra-arc.gc.ca/E/pbg/tf/t1213/t1213-04e.pdf</font>

oh, and ""Other" for examples, charitiable donations or rental losses"

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happily holi day!

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