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Personal Tax Returns – T1
T1 Returns range from the simplest to the most complicated! T1 must be filed by everyone starting at the age of 18 years (rare cases even earlier). They can be simple information returns to obtain Government Benefits, claim Student Credits, and claim Canada Pension Plan (CPP) and Old-Age Security (OAS) or Guaranteed Income Supplement (GIS). In contrast, they can be as complicated as Moving Expenses, Foreign Income/Pension, Pension Splitting, Employment expenses, Self-Employment or Rental Income.
Cross-Border Tax Transactions
These transactions are usually part of the T1 return. Tax payers who own rental property outside of Canada or receive foreign income or pension are eligible to claim Foreign Tax Credits on their T1 specially if Foreign Tax was deducted and paid. This calculation is quite tedious and proper reporting is required to avoid CRA assessments.
Pre/Post Assessments
CRA may assess Taxpayers before assessing or after assessing their tax returns. These may be as simple as provide documents to support the claims made on the tax return or as complicated as provide proof of why a claim was made and receipts of each claim to justify the claims reported.
GST / HST Filings
If a tax payer is self-employed and is a GST/HST Registrant then they must file a GST/HST return. These can be filed monthly, quarterly or yearly based on the registration. Usually, income of $30,000 is when GST/HST Registration is a must; however, there are some business who claim GST/HST from the 1 st dollar.
