What previous-year income and tax balance does TIME MACHINE ask for?
Where to find it: TIME MACHINE → Additional information
The additional-information form uses previous-year income for OAS/GIS calculations. Follow its instructions and the page Help, including the instruction to exclude OAS and related benefits from that amount. Complete each spouse’s information separately.
Previous year’s taxes still owed is a cash-flow balance: enter the amount still payable, or a negative amount for an expected refund. It is different from the previous-year income and from current-year taxes already paid.
For example, an expected $1,000 refund is -1000 in the previous-year tax-balance field.