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.