The best way to complete this section is to go through the items listed in this section, and gather all the source documents, related information, and applicable schedules & forms.
The most common deductions are items such as, contributed registered pension plan deduction, and RRSP. Also items like, union dues, professional, or like dues, children care expenses, business investment loss, moving expenses, alimony paid, carrying charges & interest expenses related to investments are included here. In addition, items such as, one-half of the deduction/payable for CPP or QPP for self-employment and other earnings, and other allowable employment expenses for employees are included as well.
Common applicable schedules for the “Net Income” section: T1General Schedule 7, Schedule 4, Schedule 8, Form T778 & Form T777. T1 General schedules and forms at: http://www.cra.gc.ca/
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