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Taxable or Non-Taxable Income

Taxable or Non-Taxable Income

What is Income?

Income is described as all the payments of any type paid to you or on your behalf.

What are Non-Taxable Incomes:
  • Canada Child Tax Benefit (CCTB) payments
  • Child assistance payments and the supplement for handicapped children paid by the province of Quebec
  • Child Support if agreement or court order is after April 30, 1997. Gifts: in most cases
  • Goods and Services Tax/Harmonized Sales Tax (GST/HST) payments
  • Inheritances: in most cases
  • Life insurance policy death benefit payments: most amounts received from a life insurance policy following someone’s death
  • Lottery winnings
  • Social Assistance Payments (SA), but you must still include it on your tax return to ensure that any benefits you may be entitled to are calculated properly
  • Workers Compensation Benefits, but you must still include it on your tax return to ensure that any benefits you may be entitled to are calculated properly
What are Taxable Incomes:
  1. Apprenticeship insensitives
  2. Bond income
  3. Business income
  4. Capital gains
  5. Child support if agreement or court order is prior to May 1, 1997
  6. Cleric’s housing allowance
  7. Commission income from sales, self-employed
  8. Canada Pension Plan (CPP)/Quebec Pension Plan (QPP) child benefits
  9. Canada Pension Plan (CPP)/Quebec Pension Plan (QPP) death benefits
  10. Canada Pension Plan (CPP)/Quebec Pension Plan (QPP) disability benefits
  11. Canada Pension Plan (CPP)/Quebec Pension Plan (QPP) lump-sum payments
  12. Canada Pension Plan (CPP)/Quebec Pension Plan (QPP) survivor benefits
  13. Dividends from taxable Canadian corporations
  14. Employment income
  15. Earnings on life insurance policies
  16. Employment Insurance (EI) benefits
  17. Employee profit sharing plans
  18. Farming income
  19. Fishing income
  20. Foreign income: business income
  21. Foreign income: currency exchange rates
  22. Foreign income: dividends, interest
  23. Foreign income: employment income
  24. Foreign income: pension income
  25. Foreign income: rental income
  26. Goods and Services Tax/Harmonized Sales Tax (GST/HST) and Quebec Sales Tax (QST) rebates
  27. Group term life insurance plan premiums paid
  28. Guaranteed investment certificates: bank accounts, term deposits, & guaranteed income certificates
  29. Home Buyers’ Plan (HBP) repayments
  30. Investment income
  31. Interest income
  32. Lifelong Learning Plan (LLP) income
  33. Net partnership income
  34. Net federal supplements
  35. Old Age Security pension income
  36. Pension splitting income
  37. Professional income, self-employed
  38. Registered Education Savings Plan (RESP) income
  39. Registered Retirement Income Fund (RRIF) income
  40. Registered Retirement Savings Plan (RRSP) income
  41. Rental income
  42. Retiring allowances…severance pay
  43. Royalties
  44. Salary
  45. Saskatchewan Pension Plan (SPP) payments
  46. Spousal Support
  47. Stock options income
  48. Stocks income
  49. Supplementary unemployment benefit plans
  50. Tips
  51. Trust income
  52. Unemployment Insurance (UI) income
  53. Universal Child Care Benefit (UCCB) income
  54. Wage-Loss Replacement Plan (WLRP) income
  55. Wages