TD1 form – Is it a contract we are signing?
Question by Bruce M: TD1 form – Is it a contract we are signing?
This form sounds like a contract to me when I have to sign it. My employer is not named on the form – just the governement. Plus I have had employers say they are not allowed to explain the form to me because that is not allowed. All this makes me think that when I fill one of these out that I have stepped into a contract without being told anything about that fact or what the consequences actually are..
Best answer:
Answer by T E
No, it is not a contract (which generally involves an offer, an acceptance and a consideration e.g. cash), but a declaration on your part to the CRA, like when you sign your personla tax return to your income reporting, on the truthfullness of your declaration. As it says on the last paragraph of the TD1 form, which requires your ceritication and signature:
Certification
I certify that the information given in this return is, to the best of my knowledge, correct and complete.
Signature ^
It is a serious offence to make a false return.
If u file the TD1 wrongly knowingly amount to gross negligence as in situation to claim more personal exemptions than u are entitled to so that there will be less payroll witholdings for you during the year, the CRA may penalise you as in situation when u understate your income on your tax return knowingly.
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