|
What does the Schedule 1 tax form consist of? Called Federal Tax, the Schedule 1 tax form is used to claim your federal non-refundable tax credits, to calculate your federal tax on taxable income, and to calculate your net federal tax. What are non-refundable tax credits? They are amounts used to reduce federal, provincial or territorial taxes to zero. They cannot be used to create or increase a refund. You will find a whole list of them on the federal Schedule 1, like your CPP or QPP contributions, the children’s fitness amount and the tuition and education amounts. What is taxable income? It represents the income you earned from all sources minus your expenses. How is the net federal tax calculated? In most cases, it is your taxable income minus your non-refundable tax credits. To see the common form (except Québec and non-residents), click here. For Québec and non-residents, click here.
| 
