Reading:
What is Line 15000 (formally known as 150) on my tax return?

What is Line 15000 (formally known as 150) on my tax return?

April 29, 2020

Line 15000 on your T1 tax return refers to your Total Income (gross) before you make any deductions (it used to be called line 150). To calculate the number on line 15000 on your tax return, all you have to do is add the amounts from lines 10100, 10400 to 14300, and line 14700. Keep in mind, this is not the income your taxes are based on. Your personal income taxes use your Taxable Income to calculate what taxes you owe.

 

 

 

 

Line 15000 for Tax Purposes includes all the amounts from:

Therefore, line 15000 of your tax return is the addition of all these mentioned above. After you calculate your Total Income for Tax Purposes (line 15000), items are then deducted to get your Net Income for Tax Purposes. Then, even more, items are subtracted to calculate your Taxable Income.

In conclusion, with CloudTax’s tax application, all these calculations are automatically done for you, so you don’t have to manually add all the numbers – it’s that easy! You can also use our tax calculator to get an idea about your upcoming taxes.



0 Comments

Leave a Reply

Related Stories

March 16, 2020

CRA Tax Filing Changes for 2020          

March 25, 2020

Can you file your tax return without your T4 slip?