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Tax Tip: Reduce Your Tax Bill-Increase Your Tax Deducted at Source

OTTAWA, ONTARIO -- (Marketwired) -- 04/17/14 -- Did you know?

If you owe tax at filing time each year, you can take steps to reduce your amount owing. You can do this by having tax or more tax deducted at source from certain types of income.

Important facts

- You can ask to have tax, or more tax, deducted at source from employment income, pension benefits from an employer-sponsored pension plan, and Old Age Security or Canada Pension Plan benefits.

- To have income tax deducted from Old Age Security or Canada Pension Plan benefits, send a completed Form ISP-3520, Request for Income Tax Deductions, to your Service Canada office. You can get this form online at www.servicecanada.gc.ca or 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. You can get this form online at www.cra.gc.ca/forms or by calling 1-800-959-8281.

Paying online

If you have a balance owing for this year's tax-filing season, you can save time by using your financial institution's online banking service to make a payment or by using the Canada Revenue Agency's My Payment service, which allows you to make one or more payments in a single, simple online transaction. For more information on payment options, go to www.cra.gc.ca/payments.

Stay connected

To receive updates when new information is added to our website, you can:

- Follow the CRA on Twitter - @CanRevAgency.

- Subscribe to a CRA electronic mailing list.

- Add our RSS feeds to your feed reader.

You can also watch our tax-related videos on YouTube.

Contacts:
Noel Carisse
Media Relations
Canada Revenue Agency
613-952-9184

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