What is a T1 General / Tax Return?
A T1 General / Tax Return is generally requested if there is commission based income. Lenders will need the two most recent years.
This is a tax form that is required to be finalized by a taxpayer (borrower) and submitted to the CRA (Canada Revenue Agency). It overviews income as well as deductions, any expenses and more as prescribed by the Income Tax Act.
How do you get a T1 General / Tax Return?
Your T1 General is mailed to you by the CRA, it can also be accessed using “My Account” on the CRA website. You may need to create an account, but it is very easy to do so as it is a government of Canada website.
