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The TD1 form is used by employee to claim federal personal tax credit impacting their tax...

The TD1 form is used by employee to claim federal personal tax credit impacting their tax deduction. chose three of the tax credit amounts available on the TD1 (expect the basic personal amount) and explain who might claim this tax credit and how this will impact the employees tax situation.

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Answer #1

The three tax credit amounts on the TD1 form that I am choosing to explain are:

(1) Pension income amount (2) Tuition amounts (full time and part time) (3) Spouse or common-law partner amount

(1) Pension income amount: Pension Income amount can be claimed as tax credit amount by any person on line 4 of the TD1 form who is receiving regular pension payments from a pension plan or fund excluding any pension payment coming from Canada Pension Plan, Quebec Pension Plan, Old Age Security, or Guaranteed Income Supplement payments. Tax credit amount mentioned on line 4 of the TD1 form is the estimated or pre-specified annual pension income of the person. Maximum tax credit amount that can be claimed on line 4 of TD1 form is 2000s. This tax credit mentioned on this line 4 of

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