Do you end up having to pay income tax when you file your tax return every year?
You may be able to reduce your net tax owing or reduce the amount of your instalment payments by increasing the amount of income tax withheld from certain types of income such as employer sponsored pension income or employment income.
To have income tax withheld from Old Age Security (OAS) or Canada Pension Plan (CPP) benefits, send a completed Form ISP3520, Request for Income Tax Deductions, to your Service Canada Office. You can also make this request by calling 1-800-277-9914.
To have tax withheld from employment income or from pension benefits from an employer-sponsored pension plan, give a completed Form TD1, Personal Tax Credits Return, to your employer or pension plan administrator. Individuals in Québec should use the federal TD1 and provincial Form TP1015.3-V, Source Deductions Return.
Income tax cannot be withheld from certain types of income, such as self-employment, investment, and rental income, and capital gains.
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