Fill Form 2220 Receives 2023-2024

Hi, I'm Debbie Peverell from Paintless Financial Training Group. In this video, I will explain how to fill in your TD1 federal form for the year 2022. The form is divided into two pages and is divided into steps. On the first page, you need to provide your name (first and last), date of birth, address (including postal code), and social insurance number. The purpose of this form is to give it to your employer, who will use it to determine how much income tax to deduct from your paychecks. It's important to note that this form does not change your tax return, but only ensures the right amount of income tax is deducted from your paycheck. After filling in your name and address, the next part is about the basic personal amount. If your income for this year is going to be under $155,625, you can earn up to $1,498 before paying tax in Canada. However, if your income exceeds $155,625, you need to fill in a worksheet for a lower deduction. For most people, the exemption amount is $14,398. Number two is the caregiver amount for infirm children under the age of 18. An infirm person includes someone who has received the disability tax credit and those whose daily activities take longer than regular activities. Filling in this form will reduce the amount of income tax deducted by your employer. You can claim $2,350 for each infirm child born in 2005 or later. Moving on to number three, which is the age amount. If you are 65 or older by December 31st, 2022, and your income is under $39,826, you can claim $7,898 as a deduction. However, this deduction decreases as your income increases. If your income is between $39,826 and $92,480, you will need to fill in a worksheet to prorate...