T1 Personal Tax Return

1. What is a T1 Personal Tax Return?

The T1 Personal Tax Return is the form used by individuals in Canada to file their annual income tax return with the Canada Revenue Agency (CRA). It details an individual’s income, deductions, credits, and tax payable or refundable for the year.

2. Where can I find my T1 Personal Tax Return?

You can find your T1 Personal Tax Return in the following places:

• If you filed your taxes electronically, you can access your T1 through your CRA My Account online.
• If you filed your taxes with an accountant or tax preparation service, they should have a copy.
• Paper copies are often kept with your personal records or in a filing system at home.

3. Is this document known by any other name?

The T1 Personal Tax Return is commonly referred to simply as a "T1," "tax return," or "income tax return."

4. What does the T1 Personal Tax Return look like?

Here is a sample image of a T1 Personal Tax Return.

5. Is the date of this document important?

Yes, the date is important. The T1 Personal Tax Return is filed annually, and the information on it reflects your financial situation for a specific tax year. For separation and divorce mediation, the most recent return is usually required, but multiple years may be reviewed to understand income trends.

6. Why is the T1 Personal Tax Return relevant to the outcome of my settlement?

The T1 Personal Tax Return is crucial in separation and divorce mediation for several reasons:

• Income Verification: It provides a comprehensive overview of your income from all sources, which is essential for calculating support payments.
• Deductions and Credits: It shows any deductions or credits you may have claimed, impacting your net income.
• Financial Disclosure: It helps ensure full financial disclosure, promoting transparency and trust between parties.

7. What else should I know about this document?

• Accuracy: Ensure your T1 is accurate and reflects your true financial situation. Discrepancies can lead to complications in your settlement.
• Supporting Documents: Keep supporting documents (like T4 slips, RRSP contribution receipts, etc.) that were used to prepare your T1, as they might be required for further verification.
• Multiple Years: Be prepared to provide T1 returns for multiple years to give a complete financial picture, especially if your income varies significantly from year to year.

8. How will the mediator use this document?

The mediator will use the T1 Personal Tax Return to:

• Prepare for Support Calculations: The income information from your T1 is crucial for calculating spousal and child support obligations accurately.
• Assess Financial Position: It helps in understanding each party's financial position, which is vital for fair and equitable division of assets and debts.
• Facilitate Full Disclosure: Ensuring that all financial information is disclosed helps in building a transparent and cooperative mediation process.

By providing your T1 Personal Tax Return, you enable the mediator to facilitate a fair and informed settlement process, leading to better outcomes for both parties involved.