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Net income is used to calculate federal and provincial or territorial non refundable tax credits.
Net income revenue canada. Register for the gst hst. Refer to the canada revenue agency s cra website for more examples of reportable income. How do i locate my 2016 net income if i haven t yet finished my return. As you prepare your return you might notice that certain pages require you to enter your net income for the current year.
Your net revenue or net sales is the total amount of income you earn from business operations minus any adjustments such as accounting for returns refunds and discounts. Rebates credits and the gst hst listing. Collect file and remit the gst hst. The cra also uses your net income and if you are married or living common law your spouse or common law partner s net income to calculate amounts such as the canada child benefit the gst hst credit the social benefits repayment and certain credits.
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