Line 15000 is probably one of the most important lines on your tax return. This line is key as it is used by many such as banks, loans officers, The Canada Revenue Agency, and Lawyers. The reason why this line is so important is that it is typically the total of all your income. More recently this line has been needed to qualify for CERB and EI during the Covid period . This line can be calculated by all of the following:
- Employment Income
- Wage Loss
- Old Age Security
- Canada Pension Plan
- Disability Benefits
- Universal Child Care Benefits
- Employment Insurance
- Interest and Investment Income
- RRSP Income
In addition to the income basics listed above, Line 15000 can also be calculated from other sources of Income as well:
- Business and Professional Income (Net)
- Farming Income
- Commission Income
- Fishing Income
- Workers Compensation
- Farming Income
As you can see there are many types of income that goes into your Line 15000 on your Tax Return. Income verification through many financial institutions are committed to using this line to check for your eligibility etc.
Where can Line 15000 be found on the Tax Return?
Every person filing a tax return in Canada can find their Line 15000 in a few different locations:
- Your Tax Return on your Summary Page
- Notice Of Assessment (Given by the CRA)
- Logging into your My CRA Account
- Logging into your Accufile Account
- You can call the CRA at 1-800-959-8281
Line 15000 (formerly known as Line 150) can be found on your Tax Return Summary. On most tax returns this can be found in one of the beginning pages. On our Accufile Tax Return you can find this on page 2. Finding this information on your Tax Return can be easy if you have a copy however we do always recommend checking your Notice of Assessment for this amount. The reason is due to the fact that the CRA can adjust your tax return at anytime making line 150 on your tax return a different calculation. If you have your login details and have signed up for My CRA Account online, you can login and view your assessment as well as your tax return to look for Line 15000. The last step in finding your Line 15000 is to call the CRA. You can call them at 1-800-959-8281. They will be able to help you on the phone as well.
If you need help in finding your Line 15000 on your tax return please contact Accufile as we are here to help.
Who typically asks for Line 15000 (Line 150) ?
Many agencies such as the government and banks will ask for this line number. They will need this basic information to help with credit, income verification, and of course to verify your identity. Here are some extra examples of who maybe looking for this information:
Financial Purposes – Banks, Loans, Mortgage, Lenders, etc
Legal Purposes – Lawsuits, Child or Spousal Support
Canada Revenue Agency – They usually ask for line 15000 to verify your identity and income
Federal Grants - Grants for School, Financial Student Assistance
How do I manually Calculate My Line 15000 (Line 150) ?
Calculating this amount on your own without a tax program or professional can be daunting. It is always recommended to have your tax return and calculation done by a professional such as Accufile. If you are interested in trying to calculate your line 15000 on your own you simply need to add these items from your tax return:
Line 10100 – Employment Income
Line 10400 – Other Employment Income
Line 14300 – Self Employment Income
Line 14700 – Workers Compensation + Net Federal Supplements + Social Assistance
There are several other items that can be used in this calculation as well. So it is always best to seek professional help in this calculation or use Accufile Tax Software. It is important to note however, that Line 15000 (Line 150) is not the same as taxable income. There are more calculations involved when calculating taxable income.
Why did Line 150 change into Line 15000?
The reason why The Canada Revenue Agency changed many line numbers to a higher number is due to the fact that there are many more lines now on a tax return. The T1 schedule has now increased from 4 pages to 8 pages. This new format is much more convenient for individuals looking for specific information on their tax return. Tax Filing Individuals in Canada are now much more knowledgeable when filing taxes and want to be able to find their entered information faster on this new format. These numbers have now increased from 3 digits to now 5.
CERB and EI Benefits are taxed based on your Line 15000 (Line 150)
During these past two years with the pandemic, many Canadians have resorted to financial help from the Government by way of CERB and EI. Many did not know that both of these would be taxed when you file your tax return. As well they have asked our company how much will be taxed on this income. The answer is simply that the total of your income on Line 15000 (Line 150), will determine your taxable amount owing. You see CERB and EI add to your overall total income for the year. The higher your total income on Line 15000 the higher your tax bracket will be. Many tax filers this past year have been caught off guard not knowing that they will be owing tax money on what was collected. If you have only collected CERB or EI and have not made any other income, then you have a good chance of not owing tax as your total income on Line 15000 would be too low. We want to make sure that everyone who files is aware and it is very usual that tax is owed on this type of government assistance.
Sponsoring your Parents or Grandparents for help into Canada
Sponsoring your Parents and or Grandparents into Canada can be very tricky and you will need the proper information to help. For this the government does ask for Line 15000 (Formerly Line 150) on your tax return to help with making this decision. This amount on this line can help you be eligible for sponsorship as this is your total income for the given tax year. In order to help you find this information please see above on where to find Line 15000 on your Tax Return.
Why Choose Accufile when filing your Tax Return
Todays Tax Return is much more complicated than times in the past. Yes there are many tax filers who are self sufficient however it is very difficult to file a return perfectly with over 300 deductions available to you. It takes many years of tax practice to be able to take full advantage of all tax deductions to increase your refund. Accufile is now offering the $25 tax return for basic returns and in return you receive free tax advice all year round. You may contact us at any time on the website chat, email, or by phone. Our tax professionals are waiting 7 days a week to help with all your tax needs. Thank you for taking the time to read our article. If you are interested in more free tax tips, click on the tax link here to read more tips and tricks of the trade.