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:
- Income from employment / commissions
- Other employment income
- Old age security pension
- Canada pension plan / Quebec pension plan benefits
- Other pensions / superannuation
- Pension income transferred from spouse
- Universal child care benefit payments
- Employment insurance
- Grossed-up Canadian dividends
- Interest and other investment income
- Net income from partnerships
- Net rental income
- Capital gains above capital losses
- Taxable support payments
- RRSP income
- Other income, taxable scholarships, apprenticeship grants, payments from pensions, deferred profit-sharing plans, severance pay, retiring allowances
- Self-employment income
- Line 14700 other payments (deducted later, at line 25000)
- Workers' compensation benefits
- Social assistance payments
- Net federal supplements
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.
