What types of Income are taxable?

  1. Employment Income
  2. Earnings on Life Insurance Policies
  3. Employment Insurance (E.I.) Benefits
  4. Employee Profit Sharing Plans
  5. Farming Income
  6. Fishing Income
  7. Goods and Services Tax/Harmonized Sales Tax (GST/HST)
  8. Dividends from Taxable Canadian Corporations
  9. Business Income
  10. Capital Gains
  11. Cleric’s Housing Allowance
  12. Commission Income from sales, Self-Employed
  13. Self Employment Income
  14. Group Term Life Insurance Plan Premiums Paid
  15. Guaranteed investments : Bank Accounts, Guaranteed Income & Term Deposits.
  16. Home Buyers’ Plan (HBP) Repayments
  17. Investment Income
  18. Interest Income
  19. Lifelong Learning Plan (LLP) Income
  20. Net Partnership Income
  21. Net Federal Supplements
  22. Old Age Security Pension Income
  23. Rental Income
  24. Retiring Allowances
  25. Severance Pay
  26. Registered Education Savings Plan (RESP) Income
  27. Registered Retirement Income Fund (RRIF) Income
  28. Registered Retirement Savings Plan (RRSP) Income
  29. Spousal Support
  30. Stock Options Income
  31. Stocks Income
  32. Supplementary Unemployment Benefit Plans
  33. Trust Income
  34. Wage-Loss Replacement Plan (WLRP) Income
  35. Wages
  36. Canada Pension Plan (CPP)/Quebec Pension Plan (QPP): Disability, Child, Death & Survivor Benefits
  37. Canada Pension Plan (CPP)/Quebec Pension Plan (QPP) Lump-Sum Payments
  38. Foreign Income: Business Income, Dividends, Interest, Employment Income, Pension Income, Rental Income & Currency Exchange Rates.

What types of Income are non-taxable?

  1. Social Assistance Payments, you must include your tax slip as it’s to ensure that any benefits you may be entitled to are calculated accurately.
  2. Workers Compensation Benefits, you must include your tax slip as it’s to ensure that any benefits you may be entitled to are calculated accurately.
  3. Canada Child Tax Benefit (CCTB) Payments
  4. Child Assistance Payments
  5. Goods and Services Tax/Harmonized Sales Tax (GST/HST) Payments
  6. Inheritances: most cases are exempt.
  7. Lottery Winnings
  8. Life Insurance Death Benefit Payments: Most amounts received from the insurance policy following someone’s passing. Some amounts are taxable.

How long should I keep my tax records for?

Generally The Canada Revenue Agency suggests that you keep your tax records for 6 years.

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