What is a 5000-S1 T2013 Federal Tax Schedule 1?
The Schedule 1, Federal Tax form is used to calculate your net federal tax, claim your federal non-refundable tax credits and calculate the federal tax you have to pay on taxable income.
Non-refundable tax credits are used to reduce federal, provincial or territorial taxes and cannot be used to create or increase a refund. Examples are children's fitness amount, the children's arts amount and tuition and education amounts.
Taxable income represents the income you earned from all sources minus your expenses. Your net federal taxes are calculated by taking your taxable income and minus your non-refundable tax credits.