When you want to pay your taxes to the CRA, you will need to submit a form called the T1 form. It is the income tax and benefit return form that comprises details about all the personal incomes for the year. T1 form lets you detail all the taxes you have to pay, leading to a precise calculator and payment.
You can easily do this on your own. However, if you hire professional accounting services, it will become a lot easier. Since they keep track of all your payments, you can easily hand them over to the income tax services provider to assess your profile.
How to get the T1 form?
You can get the T1 form online through CRA My Account. Under the Tax Returns View section, you can find the T1 form for the current year as well as the filled forms of past years. There are many tax clinics that offer you the form as well. Be sure to get the form for the right financial year.
What are the sections in the T1 form?
When you get the form, you can see the following sections:
1. Identification: This is the section where you fill in details about yourself. It includes name, marital status, address, business details, and other such information.
2. Total Income: This is where you fill in information about your gross income. It must have every wage and revenue you got during the past year. You shouldn’t apply any deductions here.
3. Net Income: This section is where you enter the amount you have after all the expenses. You can check the CRA site to understand what are the expenses that you can deduct from the total income.
4. Taxable Income: There are a few deductions you can make based on your profile. To take full advantage of deductions, we advise you to consider opting for professional income tax services.
5. Refund or Balance Owing: Any negative number you get here returns to you as a refund.
Finally, you can either mail the filled form to CRA or upload it online through trusted platforms.
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