Blog Layout

How the T1 General Tax Form Works: A Comprehensive Guide

Mark Virgil Lofranco • 29 October 2024

If you're filing your income tax in Canada, you might be familiar with the Income Tax and Benefit Return Form—commonly known as the T1.

The T1 General Tax Form is the main document for filing personal income tax returns in Canada. It provides a comprehensive overview of your income and taxes withheld over the year.


File Your Taxes with Confidence Maximize your refund with TurboTax—guaranteed.

Who Should Fill Out a T1 Tax Form?


Whether you're employed, self-employed, or earning income from investments or pensions, all Canadians need to file a T1 General Form.

For sole proprietors or partners, the T2125 Statement of Business or Professional Activities is required. Corporation owners need to complete the T2 Corporation Income Tax Return.


How to Get a Blank T1 General Form Online


To obtain the current year’s T1 General Form, visit the T1 income tax package page on the CRA site. Choose your province or territory to download the appropriate form. For manual filing, you can also order a copy by mail.

TurboTax users will have the form automatically provided and completed for you.


How to Access Past T1 General Copies


You might need previous years' T1 General Forms for various financial products and benefits, such as mortgages, loans, or the Canada child benefit (CCB). Here’s how to find them:


  1. CRA My Account: Log in to your CRA My Account, click on “Go to Tax Returns Details,” and select “Proof of income statement” from the “Related services” list. Choose the desired year to view and print your tax return.
  2. TurboTax: Log into your TurboTax account, go to “My Returns,” and click “Access your filed tax returns” to view up to six years of prior returns.


For records older than six years, contact the CRA directly for a Voluntary Disclosure.


How to Get a Blank T1 General Form for Past Years


If you missed filing for previous years, you can find blank T1 Forms from 1985 onward on the CRA’s tax packages page. Select the correct year and province/territory to download the form.


You can also request physical copies, including accessible formats like digital audio or braille, from the CRA.

TurboTax options for past T1 Forms:

  • TurboTax Online: Files returns for the current year and two preceding years.
  • TurboTax Desktop: Files returns for the past five years.

For significant backlogs, contact the CRA for Voluntary Disclosure to address potential penalties and interest.


How to Fill Out a T1 Form


Here’s a guide to the key sections of the T1 Income Tax Return Form:


  1. Identification: Provide personal details such as your name, SIN, address, and marital status. Include business information if applicable.
  2. Total Income: Report all income sources, including employment, self-employment, investments, rental income, and disability benefits.
  3. Net Income: Calculate net income by subtracting eligible deductions from your total income.
  4. Taxable Income: Determine taxable income by subtracting additional deductions from your net income, applying current tax rates.
  5. Refund or Balance Owing: Calculate whether you owe money or will receive a refund. A positive number indicates a balance owing, while a negative number means a refund.

After completing the T1 Form, you can either download and mail it to your local CRA office or submit it online using the NETFILE option.


What If There’s a Mistake on Your T1 General Form?


Mistakes happen! The CRA allows changes to tax returns for up to 10 years. Here’s how to correct errors:


  1. CRA My Account: Use the “Change My Return” service to make adjustments.
  2. ReFILE: Submit adjustments online through NETFILE software, with a limit of 9 reassessments per tax year.
  3. Mail: Complete a T1 Adjustment Form Request and mail it to your local tax centre with all supporting documents.


For a Voluntary Disclosures Program (VDP) application, you can pay the owed taxes plus interest and receive relief from prosecution and penalties.


Quebec residents should visit Revenue Quebec for provincial return amendments.


Key Takeaways


  • The T1 General Tax Form offers a complete summary of your financial activities and obligations for a given tax year in Canada.
  • To access your T1 Tax Form, visit the CRA website or log into your TurboTax account if you used our platform for filing.
  • Completing a T1 Form involves providing personal details, listing all income sources, and calculating both net and taxable income.

Understanding the USA/Canada Tax Treaty

by Mark Virgil Lofranco • 9 December 2024
Are you a U.S. citizen living and working in Canada? Maybe you're a dual resident unsure of which tax rules to follow, or perhaps you cross the border daily to work for a Canadian company. Understanding the U.S./Canada Tax Treaty is essential for anyone earning cross-border income.  Filing taxes in just one country can be complex, and the U.S. tax system is one of the most complicated in the world. Figuring out taxes for both Canada and the U.S. can be challenging, but don’t worry, we’ve got answers. Here’s how your taxes work under the U.S./Canada tax agreement if you’re living or working in Canada and earning income.

9 Commonly Overlooked Tax Deductions for Startup Owners

by Mark Virgil Lofranco • 9 December 2024
Starting your own business is an exciting and rewarding journey, but with all the enthusiasm, some important financial details—like tax deductions—can be overlooked. As a new business owner, reducing your tax burden is crucial to maximizing profits, yet many Canadian small-business owners miss out on valuable tax deductions, paying up to 42% in taxes.  While you're likely familiar with common deductions like office supplies, meals, and wages, there are many lesser-known tax breaks that could save you money. Let’s dive into nine commonly missed tax deductions that could benefit your startup.

Methods to withdraw RESP

by Mark Virgil Lofranco • 9 December 2024
Navigating the financial landscape of your child’s education expenses, especially with rising inflation, can be challenging. Whether you're already contributing to a Registered Education Savings Plan (RESP) or considering opening one to fund your child’s post-secondary education, it’s essential to understand the rules and benefits associated with RESP withdrawals.  Here’s a comprehensive guide to help you make the most of your RESP in Canada.

Essential Tax Credits and Grants Every Small-Business Owner Should Be Aware Of

by Mark Virgil Lofranco • 9 December 2024
Did you know that public funding could help kickstart your business? While many entrepreneurs are familiar with startup loans, fewer know about the wealth of public funding options available—specifically, tax credits and grants. These financial resources can be game changers for launching and growing your business.  This article will guide you through various tax credits, grants, and other public funding options that can support your small business.

How to Handle Toronto's Inherent Property Tax Increase: Tax Advice for First-Time Buyers

by Mark Virgil Lofranco • 9 December 2024
Buying your first home in Canada is an exciting milestone. However, potential and current homeowners in Toronto should be aware of a major change on the horizon: a proposed 10.5% increase in residential property taxes, the largest since 1998. This hike, driven by a nearly $1.8B budget shortfall, includes a 1.5% increase dedicated to city-building projects, such as transit and housing. Homeowners could face an extra $26.75 per month, or $321 annually, in property taxes. City officials have also warned that without federal funding, property taxes could rise even further, up to 16.5%.

A CRA Business Number (BN): What Is It and Who Needs One?

by Mark Virgil Lofranco • 9 December 2024
Congratulations! Whether you’ve just become self-employed or started a side gig to earn extra income, you're on an exciting journey. Amid all the hustle, you might have come across something called a Business Number (BN). But what exactly is it, and do you need one? Let’s dive in and explore everything you need to know about registering for a BN as a self-employed person or small business owner.

2023 Canada Tax Checklist: Essential Documents You Need to File Your Taxes

by Mark Virgil Lofranco • 9 December 2024
Picture this: tax season is approaching, and you’re frantically trying to gather the documents you need, worried you might miss something important. Sound familiar? That’s why having a tax checklist is essential. It helps you stay organized and ensures you have everything you need to file smoothly.  In this article, we’ll cover all the documents you need to have handy when filing your taxes!

2024 Tax Deadline: When Is the Last Day to File Your Taxes?

by Mark Virgil Lofranco • 9 December 2024
As a taxpayer, one of the most critical aspects to stay on top of is the deadline for filing your taxes. The Canada Revenue Agency (CRA) enforces strict due dates for both returns and payments. Filing on time not only helps you avoid interest and penalties but also ensures you get your refund faster. We’ve compiled all the key tax dates you need to know for a stress-free tax season.

NETFILE Opening in Canada: When You Can Start Filing Your Taxes

by Mark Virgil Lofranco • 9 December 2024
The way we file taxes has evolved dramatically over the past two decades, making it faster and more efficient to submit your returns. With tools like NETFILE, the Canada Revenue Agency (CRA) offers taxpayers a quick and secure method to file returns online. This article explains when to file your taxes, key deadlines, how NETFILE works, and why it’s a great option for fast-tracking your tax return.

Missed the Tax Deadline? Here’s Why It’s Not Too Late to File

by Mark Virgil Lofranco • 9 December 2024
If you missed the tax filing deadline and are feeling anxious, take a deep breath—it’s more common than you think, and it’s not too late to take action!  You can still file your tax return even after the deadline, and this article will walk you through the process to help you file confidently and minimize any potential penalties.
More posts
Share by: