What is a Schedule 1 Federal Tax Form?
- The Schedule 1 Federal Tax Form or CRA Schedule 1 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 of Canada.
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.
Non-refundable tax credits are listed on the federal Schedule 1. For example:
- CPP or QPP contributions
- Tuition and education amounts
- Medical expenses
- Disability amount
- Caregiver amount
- First time home buyers amount
What is taxable income?
It represents the income you earned from all sources minus your expenses.
How is the net federal tax calculated?
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