IMPORTANT NOTICE: TD1 FORMS AND OTHER RELATED NEWS
On Monday, December 9, 2019 the Finance Minister proposed an amendment to the Income Tax Act to lower taxes for the middle class by enhancing the Basic Personal Amount (BPA) to $15,000 by 2023.
The proposed timetable for this increase is as follows:
||Basic Personal Amount
As a result of this amendment to the Income Tax Act, the availability of the TD1 forms has been delayed until December 27, 2019 and revisions to other resources such as the Payroll Deductions Online Calculator (PDOC) and the T4127 guide for 2020 (formulas for payroll systems programming) have also been impacted.
The Canadian Payroll Association has reflected the changes in our 2020 Legislative Compliance Rates Sheet (member login is required).
The Canadian Payroll Association will continue to work with the Canada Revenue Agency (CRA) in the hope of expediting the availability of the TD1 forms and other resources. In the interim please be aware that current information available online through PDOC and the T4127 does not reflect the announced changes.