Types of Income, Assets and Other Pertinent Info On the T1 General
T1 General – This information jacket will give you a fairly detailed picture of how a client’s income is being taken and taxed.
Page 1 – Vital Information
Page 2 – Indian Status, Foreign Property
Page 3 – Income Breakdown
- T4, T4A, T4OAS, T4AP, T4E, T3/T5, T5007, T4RSP, Self Employment Income et al., Rental Income, Support Payments Received, RDSP Income, Taxable Cap Gains, Mat Leave
Page 4 – Net Income
- RSP, RRSP, Pension Adjustment, Carrying Charges and Interest, Child Care Expenses, Election to Split Pension, Dues, Moving Expenses, CPP, etc…
Page 5 – Taxable Income, Federal Tax and Non-Refundable Tax Credits
- Non-Capital Losses, Net Capital Losses, Cap Gains Deduction
- Federal Tax Brackets
- Personal Amount, Age Amount, Spouse or CL Amount, Caregiver, Equivalent to Spouse
Page 6 – Non-Refundable Tax Credits Continued
- Employment Amount, Home Buyer’s Amount, Adoption Expenses, Disability Amount, Pension Income Amount, Student Loan Interest, Medical Expense Amount,
Page 7 – Net Federal Tax
- Dividend Tax Credit, FTC, Political Contributions, Investment Tax Credit, Social Benefit Repayment
Page 8 – Refund or Balance Owing
- Total Tax Deducted, CPP Overpayment, CAI, CTC, CWB, Educator Credit, Ontario Opp
Having a proper T1 General is pertinent to the 3 Most Important Factors of Your Approval. Always talk to A Mortgage Suite Broker/Agent before going through the process. We can communicate with your accountant, and or obtain your T1 General direct.
