Form TD1BC-WS

Understanding the Form TD1BC-WS

Before embarking on exploring this form, it is important to fully grasp what this document is all about. The TD1BC-WS is a worksheet that falls under the TD1 Tax Credit Returns. This document is primarily for British Columbia residents who have tax credits that are more than the provincial total non-refundable tax credits.

Relevance of Form TD1BC-WS

The completion of the form TD1BC-WS is not a one-size-fits-all scenario. It is only applicable to you if you have more than just the basic personal amount to claim for the respective year. This could be due to varying reasons such as having a spouse or common-law partner, having dependents, or owning a home through the home buyer's plan among others. If you do not meet these criteria, using this form is not necessary.

How to Fill Out TD1BC-WS Form

Here are key steps you should follow to complete the TD1BC-WS template:

Step 1: Age Amount Calculation

If you will be 65 or older on December 31, 2024, and your estimated net income for the year will be between $41,993 and $79,600:

1. Enter the maximum age amount.
2. Enter your estimated net income for the year.
3. Subtract the base amount from your estimated net income. If the result is negative, enter "0".
4. Apply the applicable rate to the result from the previous step.
5. Subtract the result of step 4 from the maximum amount entered in step 1. If this result is negative, enter "0".
6. Record the final amount from step 5 on Line 2 of your Form TD1BC.

Step 2: Spouse or Common-Law Partner Amount

If your spouse's or common-law partner's estimated net income for the year will be between $1,078 and $11,850:

1. Enter the base amount for the spouse or common-law partner amount.
2. Enter your spouse's or common-law partner's estimated net income for the year.
3. Subtract the income entered in step 2 from the base amount. If the result is negative, enter "0".
4. Record the final amount from step 3 on Line 6 of your Form TD1BC.

Step 3: Amount for an Eligible Dependant

If your dependant's estimated net income for the year will be between $1,078 and $11,850:

1. Enter the base amount for the eligible dependant amount.
2. Enter your dependant's estimated net income for the year.
3. Subtract the income entered in step 2 from the base amount. If the result is negative, enter "0".
4. Record the final amount from step 3 on Line 7 of your Form TD1BC.

Step 4: British Columbia Caregiver Amount

If the estimated net income of the dependant will be $24,134 or less for the year:

1. Enter the base amount for the caregiver amount.
2. Enter the dependant's estimated net income for the year.
3. Subtract the income entered in step 2 from the base amount. If the result is negative, enter "0".
4. Determine the applicable amount from either Line 6 or Line 7 of Form TD1BC that pertains to the dependant.
5. Subtract the applicable amount from step 4 from the result in step 3. If the result is negative, enter "0".
6. Record the final amount from step 5 on Line 8 of your Form TD1BC.

Note: Keep this filled-out worksheet for your records as you do not need to submit it to your employer or payer.