Babylon 10
The world's best online dictionary

Download it's free

Definition of T1 general

T1 general Definition from Encyclopedia Dictionaries & Glossaries
English Wikipedia - The Free Encyclopedia
The T1 General or T1 (entitled Income Tax and Benefit Return) is the form used in Canada by individuals to file their personal income tax return. Individuals with tax payable during a calendar year must use the T1 to file their total income from all sources, including employment and self-employment income, interest, dividends, and capital gains, rental income, and so on. Foreign income must also be declared and included in the total income. After applicable deductions and adjustments, the net income and taxable income are determined, from which the federal tax and the provincial or territorial tax are calculated to give the total payable. Subtracting total credits, which include the tax withheld, the filer will either receive a refund or have balance owing, which may be zero.

See more at
© This article uses material from Wikipedia® and is licensed under the GNU Free Documentation License and under the Creative Commons Attribution-ShareAlike License