As we approach tax season, you may be tempted to save yourself a few dollars by filing your own taxes. Even though tax returns may appear straightforward, they can be complex and stressful to the untrained eye. Luckily, GTA Accounting can assist you with the process. Let us begin by reviewing "What is Line 10100 on my tax return?".On most Canadians' tax returns, line 10100 will be one of the few tax lines they will have. You are at the right place if you want to know what it is exactly.
What is Line 10100?
Line 10100 on your Canadian tax return represents your employment income. The income you receive from your employer(s) is generally shown in box 14 of your T4 tax forms.Line 10100 is the sum of all the box 14 amounts on your T4 slips from your employment income. You can find this amount on line 15000 of your tax return. While line 10100 indicates your employment earnings, it does not always reflect your total earnings. The following are a few examples of employment income that could be reported in box 14: salaries, commissions, wages, gratuities, bonuses, and tips.You will receive a T4 slip from your employer during tax season if you have an employer (or employers). Line 10100 on your tax return will be populated with the income stated on this slip.All employers must provide employees with T4 slips by the end of February. You must notify your employer if you do not have T4 slips since line 10100 depends on them. You may want to speak directly to your employer if you have not received your T4 slip. It is possible to view slips from previous tax years in the My Account of the CRA even though you didn't receive them from your employer.
Where Is Line 10100 on the tax return?
For those filing their first tax return, finding line 10100 may prove challenging. This entry is often used to validate the CRA's login information and is integral to the annual tax return. You can locate line 10100 on the third page of your T1 General Form once you have completed filling in your return. You may access your T1 from My Account at CRA and print it or complete the online filing process. You will find line 10100 on page 3 of your T1 - Income Tax and Benefit Return in Step 2. The T1 also includes the "Total Income" section, the first line of Step 2 on provincial and territorial income tax return forms.
The Tax Information to Enter on Line 10100
Line 10100 of your T4 slip comprises the figures in Box 14 of the slip. You should fill in Box 14 with all your employment income, including salaries, wages, bonuses, etc. Whenever your employer receives these amounts and appears in box 14 on T4 slips, they are considered employment income that must be accounted for in determining amounts for line 10100.The T4 slip does not include all employment income; line 10100 must be calculated accordingly. The T4 does not include:
- Income earned from another country.
- Net research grants.
- Veteran benefits.
- Clergy housing allowances.
- Royalties.
- Wage-loss replacement.
Several insurance plans and workplace payment plans are included on line 10400, called Other Employment Income. Besides the non-T4 entries noted above, you should also consider including income from supplemental unemployment benefits, employee profit-sharing plans, premium benefits from medical insurance, and tips that do not appear on the T4 slip.
Conclusion
Even though tax returns seem straightforward, they are not. They may be more confusing than what you were expecting. This is especially true for first-time tax filers. Contact our tax experts when doing your taxes, and you'll never go wrong.