The T1 General or T1 (entitled ''Income Tax and Benefit Return'') is the form used in
Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tota ...
by individuals to file their personal
income tax return. Individuals with tax payable
during a calendar year must use the T1 to file their ''total income'' from all sources, including
employment and
self-employment
Self-employment is the state of working for oneself rather than an employer. Tax authorities will generally view a person as self-employed if the person chooses to be recognised as such or if the person is generating income for which a tax return n ...
income,
interest
In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is disti ...
,
dividend
A dividend is a distribution of profits by a corporation to its shareholders. When a corporation earns a profit or surplus, it is able to pay a portion of the profit as a dividend to shareholders. Any amount not distributed is taken to be re-inv ...
s, and
capital gain
Capital gain is an economic concept defined as the profit earned on the sale of an asset which has increased in value over the holding period. An asset may include tangible property, a car, a business, or intangible property such as shares ...
s,
rental
Renting, also known as hiring or letting, is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for ...
income, and so on. Foreign income must also be declared and included in the total income. After applicable deductions and adjustments, the ''net income'' and ''taxable income'' are determined, from which the federal tax and the
provincial or territorial tax are calculated to give the ''total payable''. Subtracting ''total credits'', which include the
tax withheld, the filer will either receive a ''
refund'' or have ''balance owing'', which may be zero.
The T1 and any balance owing for each year are generally due by the end of April of the following year. The T1 filing deadline (April 30) is extended to June 15 where the taxpayer or their spouse earned income from a business at any time during the calendar year.
There is no requirement to file a T1 return for the year if the tax balance payable for that year is $0 or negative. However, certain government benefits (such as the GST/HST credit and Canada Child Tax Benefit) are only paid if a T1 return is filed for the year.
See also
*
Income taxes in Canada
Income taxes in Canada
constitute the majority of the annual revenues of the Government of Canada, and of the governments of the Provinces of Canada. In the fiscal year ending 31 March 2018, the federal government collected just over three times ...
References
External links
cra-arc.gc.ca: T1 formsReducing taxes in Canada
Taxation in Canada
Tax forms
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