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What is a T1 general form? Why do you need to know this definition? The MoneySense Glossary is your resource for learning and understanding financial terms.
The T1 general form—a.k.a. the income tax and benefit return—is the form that Canadians use to file their personal income taxes for each calendar year. This form summarizes all the taxes you pay, as well as your income (total, net and taxable), deductions, non-refundable credits and balance owing—or refund, if you’re lucky. The deadline to submit your T1 to the CRA, along with any taxes owed, is April 30. (Self-employed people and their partners have until June 15 to file, but the payment deadline is still April 30.) Your T1 is also used to apply for goods and services tax (GST) and the harmonized sales tax (HST) refundable tax credits, calculate the Canada Child Benefit and more.
Example: “Tax software makes it a cinch to fill out the T1 general form.”
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