There are two sub-sections to complete the Refund or Balance Owing section.
First sub-section is the Total Payable. It involves the completion of two schedules (1/ 8) and Form 428. The Schedule 1 includes calculation of Non-refundable Credits (Step 1), Federal tax on taxable income (Step 2) & Net Federal Tax (Step 3). For Schedule 8-CPP Contributions payable on self-employment & other earnings, includes amount equivalent to both employer & employee shares.
For Form 428, Provincial or Territorial Tax involves similar calculation of that of Schedule 1. The second sub-section is the calculation of Total Credits. It includes common items such as Total Income tax deducted, CPP & EI overpayment (excess contributions), Refundable Medical Expense Supplement, WITB (Schedule 6), Refund of tax credit (Form T2030 (IND)), Trust tax credit (T3 slips), Employee & Partner GST/HST rebate (Form GST370).
__________________________________________________________
No comments:
Post a Comment