What does the Schedule 1 tax form consist of?
Called Federal Tax, the Schedule 1 tax form is used to calculate your net federal tax. You will also be able to claim your federal non-refundable tax credits, and to calculate the federal tax you have to pay on taxable income.
Does everyone use the same Schedule 1?
No. There are separate Schedule 1 forms for Québec residents and for non-residents.
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, which means that you have to have income in order to benefit from them. They are all listed on the federal Schedule 1, for example your CPP or QPP contributions, the children’s fitness amount, the children’s arts amount, your family’s medical expenses, the tuition and education amounts, as well as many others.
What is taxable income?
It represents the income you earned from all sources minus your expenses.
How is the net federal tax calculated?
Use our new Free Canadian Tax Software to help ensure you don’t miss any of the deductions or credits you deserve. It’s Easy, fast and 100% accurate, guaranteed. For more info on TurboTax Free, click here.