The T1 General
(entitled Income Tax and Benefit Return
) is the form used in Canada
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 capital gains
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.
- This article is not intended to provide tax advice or any other advice.