If we break down the T1 Personal Income Tax Return, we will find that there are only a few sections that we need to know and understand about this form. The most important pages of the income tax return are the T1 jacket (4 pages) and the Federal and Provincial Tax Credit Schedules.
The T1 Jacket:
Page 1 is the information page which is simply a page which will require information about you and your spouse. The only other things on this page are 2 questions:
- Do you want the CRA to give your info to Elections Canada.
- Are you applying for the GST credit?
The 2nd page of the T1 Jacket is the income page where all your sources of income are recorded. The sum of all your income on this page is called your Total Income. Also, at the top of the page, CRA is requires you to declare if you hold any foreign property during the year amounting to over $100,00.
We’ll go through the other pages of the T1 jacket on the next blog.
