Filing Tips for Beginners
Filing Tips for Beginners
Tax Services
Tax Services
Tax Services
T1
WHAT IS IT?
The T1 “form” is used by all Canadians, and anyone who has worked in Canada, to file their taxes. This is not actually a “tax form” but rather your personal tax sheet that you need to submit to file your taxes. All other tax forms are “put into” this document.
WHO IS IT FOR?
Anyone who has earned an income in some capacity in Canada must file this form. Once you begin earning an income you must start filing this form, and you must continue to do so even if you do not earn any income in subsequent years.
WHEN DO I NEED TO DO STUFF?
This form and taxes payable are generally due April 30th. If April 30th falls on a Saturday, Sunday, or CRA-recognized public holiday, then the form and payment are due on the following business day.
This form must be filled out and filed during April of every year, so it is best to ensure you have all relevant/required documentation before this time.
The T2202 Tax Form
WHAT IS IT?
A federal tax form that is provided to post-secondary students as proof that they’ve paid tuition. Information on this form can be used as a tax credit on your T1 form to lower the taxes you have to pay.
**Note: Only fees you have actually paid appears on this form. Fees owed are NOT included, although they will appear on the next T2202 form after they have been paid.
WHO IS IT FOR?
This form is filed by qualified educational institutions (e.g., Windsor University). Students DO NOT have to include this form when filing their personal income taxes; however, students must be able to provide the form if the CRA requests it, so the form should be kept in a secure location (preferably with other tax-related documentation).
WHEN DO I NEED TO DO STUFF?
Eligible students should have access to their most recent T2202 forms in February.
The T4 Tax Form
WHAT IS IT?
A tax form that employees receive if they have gotten salaries, wages, or any other form of compensation at their current workplace(s). If you worked for multiple employers and/or in multiple provinces/territories during the tax year, you should receive a separate T4 for each employer and province/territory. Additionally, if you have left your place of employment, you still should receive one more T4 slip for the work you did during the year.
WHO IS IT FOR?
Anyone who is employed under a company in Canada is legally entitled to receive a T4 form from their employer. The form does not have to be included when filing personal income taxes; however, you must be able to provide the form if the CRA requests it, so the form should be kept in a secure location.
WHEN DO I NEED TO DO STUFF?
Employers must send out T4 slips, usually through the mail or via an employee portal/company website, by the end of February.
WHAT IS IT?
A Statement of Pension, Retirement, Annuity, and Other Income. In essence, this form includes any sources of income that do not fit onto any other tax slips. Some of the more common sections found on this form include income from scholarships, pensions, COVID-19 related benefits, and self-employed commissions. If you receive “other income” from multiple sources (e.g., the Canadian Government, scholarship providers, pension plan providers, etc.), you will likely receive a T4A slip from each source.
The T4A Tax Form
WHO IS IT FOR?
Considering the broad range of information covered by the T4A, it is impossible to list all factors that may make someone eligible to receive this form; however, a good rule of thumb is that if you have received an income beyond what is recorded in a T4, you will likely require a T4A. This includes anyone who is self-employed and/or receives money from entities other than their employer (e.g., scholarship providers, the government, pension plan providers, etc.).
WHEN DO I NEED TO DO STUFF?
You should receive your T4A(s) by the end of February.
References
Intuit TurboTax. (2021, March 3). T2202 Tax Form: Tuition and Enrollment Certificate. TurboTax Canada. https://turbotax.intuit.ca/tips/t2202-tax-form-education-textbook-amounts-certificate-380
Intuit TurboTax. (2021, March 26). Your Complete Guide to the T4A Tax Slip. Jennifer Gorman. https://turbotax.intuit.ca/tips/tax-tip-how-to-claim-your-t4a-income-5510