How taxes work if I have 1 full time job and 1 part time job?

[jessajenalla88]

I am currently working a full time job and decided to apply for a part time job, can somebody explains to me how taxes from these two jons work? And how will I avoid owing the government come tax time. 

[TurboTaxJennifer]

It's great that you're planning ahead for the second job. 

To avoid a big tax bill, you just have to let your second employer know that you have another job to make sure the proper amount of tax is deducted. This is done by filling out a Form TD1 - Personal Tax Credits (available from your employer). On that form, there's a spot to indicate that you have other employment. When you have completed the form, pass it in to the payroll department.

If the second employer isn't aware of the first job, both employers will calculate your deductions using your basic personal credit. Since you only have one basic personal credit, this usually leads to a shortfall at tax time and there's a good chance you'll end up owing.

Here's a link for more information: https://turbotax.intuit.ca/tips/make-preparing-taxes-multiple-jobs-easy-7983

[jessajenalla88]

So if I told my second employer that I have another job, and filled out the TD1 Form checking I have more than 1 job, does this guarantees that i will not fall short on my taxes come april when filing it?

[TurboTaxJennifer]

It's not a guarantee. Your tax return has a number of variables (other income from capital gains, spousal support, rental properties, etc.) but that's the best step to take. On that same form there's a spot to elect to have extra income tax taken off. If you're concerned you'll be owing a tax bill, an extra few dollars deducted each pay can make a big difference at tax time.

[princepaa2020]

I have a similar question if not same. With my first employer, I didn't fill out the TD1 forms. However, my second employer (3months contract job) has given me the forms to fill out. Please correct me if I'm wrong, I only have to tick the box indicating "having two employers" and putting 0 on line 13 even though I didn't fill out the forms with my 1st employer.