The General Income Tax Form or Income Tax and Benefit Return (both called a T1 tax form) is used by individual Canadians to report their personal income. The T1 has five sections:
- Personal Information:
Name, address, Social Insurance Number (SIN) and marital status.
- Total Income:
Income from all sources is declared here.
- Net Income:
Certain expenses and claims are deducted from total income.
- Taxable Income:
Allowable deductions like capital gains are subtracted from net income.
- Refund or Balance Owed:
Where credits are subtracted from net federal tax and provincialor territorial tax.
A positive number means you owe money while a negative number indicates a refund is due.
If all that sounds like something you’d rather avoid, you’re in good company. Research tells us that on average it took Canadians over four hours to complete their individual returns using online software. Remember, even completing the paper tax form doesn’t necessarily inform you on what you can do to get bigger refunds and save money.
That’s where we come in. When you hire us to do your taxes for you, you’re getting our expertise and the peace of mind that comes from knowing we’ve been through the auditing process and can help you do the same if the need arises.
Remember, we provide an excellent range of accounting services for small business that include bookkeeping. Why not take advantage of this daily, weekly, or even monthly service that’s an excellent way to avoid the kind of confusion that can wind up in an audit?
Our Reporting and Compliance Department is experienced with the requirements business needs to know about like WSIB and the Harmonized Sales Tax. If you take a moment or two to read through our services, you’ll see here at National Tax Service, we’re even fully compliant with the different types of tax returns and financial statements you need to work with.
Contact National Tax Service for help filing your tax return.