Tax glossary
Short definitions of the lines, slips and terms you meet on a Canadian return, and where each one shows up.
Lines on the T1 return
- What Is Line 10100 on a Tax Return?Line 10100 is employment income, usually box 14 from your T4 slips. Explained by Kennedy Tax in Scarborough.
- What Is Line 12100 on a Tax Return?Line 12100 is interest and other investment income, often reported on a T5. Explained by Kennedy Tax in Scarborough.
- What Is Line 13500 on a Tax Return?Line 13500 is net business income from self-employment on the T1. Explained by Kennedy Tax in Scarborough.
- What Is Line 15000 on a Tax Return?Line 15000 is total income on the T1, the sum of the income lines before deductions. Explained by Kennedy Tax in Scarborough.
- What Is Line 20700 on a Tax Return?Line 20700 is the registered pension plan deduction on the T1. Explained by Kennedy Tax in Scarborough.
- What Is Line 23400 on a Tax Return?Line 23400 is net income before the adjustments that produce the next net-income line. Explained by Kennedy Tax in Scarborough.
Returns and slips
- T2 Return: The Corporation Income Tax ReturnA T2 return is the corporation income tax return filed with the CRA each year. Explained by Kennedy Tax in Scarborough.
- T4 Slips: What They ReportA T4 slip reports employment income and the income tax, CPP and EI that were withheld. Explained by Kennedy Tax in Scarborough.
- What Is a T1 Tax Return?The T1 is the personal income tax return filed by an individual with the CRA. Explained by Kennedy Tax in Scarborough.
Business and sales tax terms
- What Is Bookkeeping?Bookkeeping is the record of a business’s income, expenses and bank balance, kept so the tax returns can be filed.
- What Is Corporate Tax?Corporate income tax is the tax a corporation pays on its taxable income to Canada and to Ontario.
- What Is HST?HST is the harmonized sales tax. In Ontario it is 13 percent, 5 percent federal and 8 percent provincial.