Music. Hi, my name is Karai Birdy. I'm a chartered professional accountant serving clients located around the world and in the GTA area of Ontario, Canada. In today's video, I'm going to walk you through how to file a simple T1 personal income tax return yourself. This video serves as an overview for a simple tax situation. However, if your tax situation is more complicated, such as involving businesses and real estate properties, it is always recommended to consult with a tax professional. Let's get started. Begin by opening your tax software and becoming familiar with its functionality. In this example, we have an individual named John Doe who has a full-time job at Sample Company Inc. He has been issued a T4 slip, which contains important tax information. Additionally, he has also received a T5 slip for some interest and dividends paid out from a bank. Furthermore, he received a tuition slip for his post-secondary education called a T2202A slip. The next step is to enter the basic information into your tax software. Locate the screen where you can enter your personal details, as these are the details used by the Canada Revenue Agency (CRA) to identify you. Make sure you carefully review them to ensure they are correct. For demonstration purposes, the address and details are all made up. Make sure you select the correct province in which you will be taxed. Once you have entered your basic information into the tax software, you are now ready to begin entering the tax details. Let's start by entering the T4 slip received from John's full-time job. Each number on the slip should be matched in the T4 section of the tax software, as shown. Double-check all the numbers you enter into the tax software to ensure accuracy. The insurable...
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Filing personal income tax canada Form: What You Should Know
Forms for Individuals If you are a U.S. citizen who will be filing Form 1040 for the first time, you don't need to submit copies of your return from the United States. If you are a U.S. citizen or resident, but you will be filing Form 1040 for your first time, you need to file form W-8BEN, U.S. Tax Return for Foreign Entity, to report your worldwide income and foreign tax credits.  Forms for Corporations If you are a U.S. corporation or U.S. partnership, you will have to file a separate nonrefundable tax return, Form 1128, U.S. Individual Income Tax Return of a U.S. Shareholder, if you have any U.S. source income. A shareholder is someone with a U.S. source income and who is authorized to vote a share in the corporation or partnership. If you are not a shareholder and don't have any U.S. source income, your filing should be to a foreign country. If a U.S. corporation or partnership has employees who are U.S. citizens and resident aliens, and that corporation elects to have the income taxed at the full 35% rate, then the tax should be paid by each U.S. share of the income. For more information and help with your U.S. tax return or questions call us at 1.800.959.1040. For more information for corporations, go to TurboT ax International Corporate Tax Guide. For more information on U.S.
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