Accounting Services, Vancouver
February 6, 2020

Changes to T1

 

Changes to the T1 Personal Income Tax Return Form

This may not be BIG NEWS to most, but to those of us in the accounting world, the changes made to the T1 personal income tax form has been something to talk about! 

Overall, CRA announced that the T1 form would have a new look. This includes more white space, increased font size, more pages, and simpler language wherever possible. It has gone from 4 pages to 8 pages. 

Our biggest reason for sharing this information with you, is so that you aren’t surprised when you see these changes! Ultimately, our accountants & staff are aware of all these changes and are happy to answer any questions you might have

Here’s a quick breakdown, if you're interested to see how your T1 form will look different this year. 

  • Page 1 of your return still asks for basic personal information
  • Page 2 is now divided into three parts. These three parts pertain to election information, the  Indian Act, and foreign investment properties. Depending on what you declare on these sections, you may need to complete additional forms. 
  • Page 3 is calculating your total income (line numbers have now changed from 3-4 numbers, to 5. Ex. Line 150 is now 15000). 
  • Page 4 now calculates net income (deductions, child care expenses, etc). 
  • Page 5 is taxable income
  • Page 6 is for calculating the various federal non-refundable tax credits
  • Page 7 calculates your federal tax.
  • Page 8 now completes your form, and calculates any refund or balance owing (and includes the Climate Action Initiative)  

Any questions- just ask!     www.CahillCPA.ca     604-985-0123

For a link to the full article by Jamie Golombek at the Financial Post

For more details from CRA, visit their website

 

Crystal Cahill

Crystal Cahill is responsible for the social media and marketing at Cahill CPA. Crystal completed her Bachelor of Arts Degree at Simon Fraser University in English, and has an Education Degree and teaching certification. She enjoys keeping clients updated on new accounting practices, upcoming tax deadlines, and news & events within the Cahill CPA office & staff. She is married to Cahill CPA partner Jordan Cahill, and together they have two young children.

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