All you need to know about Canadian T1 Personal Taxes
SYED YASIR MASOOD
U.S. & Canada Income Tax Consultant | Cross Border Tax Filing | Tax Planning | Tax Law Compliance
What is a T1 form?
The T1 form is a summary of personal annual income and annual taxes you pay to the Canada Revenue Agency (CRA). All Canadians are required to fill out and submit this form.
You need the T1 form to apply for various services like the Canada Child benefit, GST/HSTrefundable tax credits, and other benefits.
Who should fill out a T1?
Every Canadian has to file a T1 every year. Business owners, such as sole proprietors and partnerships, are also required to complete the business form. However, if you are a corporation, you should complete the T2, which is provided for corporate income.
How do I get a T1 online portal access?
The easiest way to get your T1 is online. If you have a CRA "My Account," you can find your T1 for the current year, as well as the past 11 years that you filed, by looking under the “Tax Returns View†section. You can also conveniently complete your T1 tax returns through tax preparers. You should use the 2023 T1 form to report personal income for the 2023 tax year.
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What is the breakdown of T1?
- Taxpayer Identification
- Total Income
- Net Income
- Deduction & Credits
- Taxable Income
- Refund or Balance Owing
Where do I send my T1?
The easiest way is to complete the T1 form submission online through different software. Submission is facilitated using NETFILE, the CRA-recommended service for submitting CRA-issued taxpayer forms.
You can also download the PDF form, fill it out, and mail it to the CRA office designated for your province or territory.
When do I submit and pay for my T1?
Canadian taxpayers are required to file the T1 by April 30.
If you or your spouse or common-law partner are self-employed, you have until June 15 to file your tax return.
If you have an amount owing, the payment deadline is also April 30, no matter whether your filing deadline is April 30 or June 15.