371 –  Should You Ask Your Employer to Take More Tax Off Your Pay?

371 – Should You Ask Your Employer to Take More Tax Off Your Pay?

Author: Doug Hoyes October 9, 2021 Duration: 34:35

Depending on your financial situation, you may benefit from asking your employer to take more tax off your paycheque. But how can you know when that's a good idea? Enter Ian Martin. Ian is an LIT and CPA and spent 6 years working at Canada Revenue Agency, so he knows a fair bit about income taxes. On today's podcast, Ian explains when it's in your best interest to have your employer deduct higher taxes (like if you think you'll owe due to CERB/CRB, or if you'll owe because you work more than one job). He also gives tips for how to handle income taxes if you're self-employed or if you're bankrupt. Tune in for lots of practical advice!

 

Links:

 

CRA TD1 Form: https://www.canada.ca/en/revenue-agency/services/forms-publications/td1-personal-tax-credits-returns/td1-forms-pay-received-on-january-1-later/td1.html


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 500

Debt Free in 30
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