Preparing T1 Returns – Claiming personal tax credits on Schedule 1 (Part 4 of 5). Preparing Canadian Personal T1 Returns – Claiming personal tax credits on Schedule 1 and the T1 General Return (Part 4 of 5)
TAX SEASON 2018 PROMOTION - ONLY $69 CDN (ALL TAXES INCLUDED) AT CANADIAN TAX ACADEMY.
Take the fully updated Canadian Personal Tax Course for only $69 CDN (including GST/HST). That is a savings of $228 off the regular price. Just click on this link:
COMPLETELY UPDATED FOR 2017 T1 TAX RETURNS (THE 2018 TAX PREPARATION SEASON).
In the previous tutorial, we looked at tax deductions and their importance in figuring out what someone’s taxable income is. Now that we know what taxable income is going to be reported on the T1 return, the next step is to determine Federal and Provincial tax. This is done by properly filling out Schedule 1 – Federal Tax of the T1 General tax return. Personal tax credits are found on this schedule along with the calculation for the federal tax itself (i.e. tax brackets).
Not everyone is entitled to every tax credit, obviously. Claiming personal tax credits on a Canadian personal tax return can be quite tricky because the rules and criteria for all of them can be quite complicated and tricky. For the most part, tax credits that are generally claimed are as follows:
Basic personal amount, age amount for seniors, employment amount for those with T4 income, tax credits for CPP and EI premiums paid on employment income or self-employment income, public transit passes, children’s fitness and arts credits (which are now eliminated for the 2017 tax year and going forward), disability tax credit, medical expenses tax credit, donations tax credit, caregiver amount, etc.
In this tutorial I look at the tax credits claimed by a simple taxpayer with employment income and some investment income.
The following are the other videos in this YouTube training series on Preparing T1 Personal Tax Returns
Part 1 - Inputting Proper Personal Information (Part 1 of 5)
Part 2 - Reporting income and inputting T-slips on the T1 tax return
Part 3 - Determining T1 income tax deductions and reporting on the T1 return
Part 5 - Doing a final review and reasonability test of your T1 tax return
You can check out my other YouTube tax videos here along with a detailed outline of the Canadian tax Academy Preparing Personal Tax Returns – Introductory course.
Course Outline – A detailed breakdown of my Introductory Personal Tax Course
Canadian Personal Tax Returns - The 7 Deadly Sins
Common Tax Filing Errors
Starting Your Own Tax Preparation Business
Below is a link to the school, along with links to the online tax courses that are currently available. You can also enroll on the site for general information and to be put on the mailing list for future course releases.
Canadian Tax Academy - Home
Preparing Canadian Income Tax Returns – Introductory course only $69
Preparing Tax Returns Start to Finish – Best Practices – only $89
Tax Returns for Deceased Taxpayers
Tags: Preparing T1 Returns – Claiming personal tax credits on Schedule 1 (Part 4 of 5)