Happy New Year!
For those of you who have accounting software where the personal exemption amounts need to be entered re: payroll, this can be done under each employee’s profile. For simplicity purposes, I’m including basic personal amounts below for the 2021 calendar year (alternatively, you can follow the links provided to determine appropriate amounts). If you’re applying an amount other than the basic personal amount, ensure that you print the worksheets provided in the links, and have the employee sign the form (if going with a basic personal amount, the employee’s signature is not required).
- Basic personal amount re: federal income taxes 2021 is $13,808; and
- Basic personal amount re: Nova Scotia income taxes 2021 is $8,481.
Link to the Federal TD1 form:
2021 Personal Tax Credits Return (canada.ca)
Link to the Nova Scotia TD1 form:
2021 Nova Scotia Personal Tax Credits Return (canada.ca)
Stay safe,