The T1 General is the tax form you (or your accountant) fills in every year to file your personal income taxes. The basic form itself is 8 pages, but a typical tax filing will also require several extra Schedules and/or Forms to show information for things like self employed Business Income, Rental Property Income, Capital Gains, Investment Income, etc. For your tax filing, the extra forms or schedules required will depend which types of income or expenses you have to declare.
When a lender requests your T1 General, it is typically because your type(s) of income are not the usual ‘salaried full time’ employment, and so the T1 General and statements will give a full picture of your different income sources.
Lenders will always require your full tax filing package, which means all pages of your T1 General and all pages of the extra forms and schedules that go along with it. If you are self-employed or own some rental properties, your full tax filing package may be 20-40 pages with all the forms and schedules included.
Often your accountant or bookkeeper will bundle the T1 General, the statements and schedules and your income slips (T4s for employment income, T3s for investment income, etc) all together as a package when your taxes have been filed. Please bring in the whole package and we will take it apart, copy the documents the lender requires, and put it all back together for you.
Also, lenders will typically request your Notice of Assessment to go along with your T1 General. This is the form you get from CRA after you file your taxes, where they confirm that your tax filing is correct, how much of a refund you will receive (or amount you have owing) and your RRSP contribution amount available based on your income and contributions in the previous year(s). See our Glossary Term for Notice of Assessment for more information on this form, or the Proof of Income statement for instructions on how you can generate these forms from your CRA My Account online.