A T1 refers to a T1 General Income Tax and Benefit Return, which is the primary tax form used by individuals in Canada to file their personal income taxes each year. All individuals, including residents and certain non-residents, who earn income in Canada are required to file a T1 form with the Canada Revenue Agency (CRA). The T1 form reports all of an individual’s income from various sources, such as employment, investments, and self-employment, and calculates the amount of taxes owed or any refunds due.

Key Components of a T1 Tax Return:

1. Income: The T1 captures various forms of income, including wages, salaries, capital gains, rental income, and more.
2. Deductions: You can claim deductions such as RRSP contributions, childcare expenses, and moving costs to reduce taxable income.
3. Tax Credits: Credits like the basic personal amount, charitable donations, and medical expenses can lower the tax you owe.
4. Provincial and Federal Tax: The T1 return calculates both provincial and federal taxes.
5. Refund or Amount Owing: Once the calculations are completed, the T1 form will show whether you owe additional tax or are eligible for a refund.

Filing Deadlines:

• The standard filing deadline for most Canadians is April 30th of each year.
• For those who are self-employed, the filing deadline is June 15th, but any taxes owing must still be paid by April 30th to avoid interest charges.

The T1 form consolidates information from various other forms and slips, such as T4s (employment income), T5s (investment income), and other income documents.

For more information and access to the form, visit the Canada Revenue Agency website.