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"Taxable Income"

“Calculation of “Taxable Income” (T1General, Line 244 – 260)”
The best way to complete this section is go over the list of items listed in this section and gather all the required information, and applicable forms.

The most common deductions for this section are: Line 250 - Other Payments Deduction (reported income on Line 147, this is non-taxable income); Line 251- Limited Partnership losses of other years; Line 252 – Non-capital losses of other years; Line 253 – Net Capital losses of other years; Line 254 – Capital Gains deductions & Line 256 – Additional deductions (i.e. if you reported foreign income, such as alimony payments from other country – this amount is non-taxable due to Tax Treaty of Canada to that country, please check CRA office for the list of those countries). Also for Line 256, if you are an adult, you can deduct the amount you paid for elementary/secondary tuition fees (Do not include this amount to your T1 General - Schedule 11).


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Earla RiopelBSCom(USA), DipAcc(UBC)
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