E.T. BOOKKEEPING & TAX SERVICES CORPORATION
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Frequently Asked Questions

What  Types  of  Income  Are  Taxable?

  • Employment Income
  • Earnings on Life Insurance Policies
  • Employment Insurance (E.I.) Benefits
  • Employee Profit Sharing Plans
  • Farming Income
  • Fishing Income
  • Goods and Services Tax/Harmonized Sales Tax (GST/HST)
  • Dividends from Taxable Canadian Corporations
  • Business Income
  • Capital Gains
  • Cleric’s Housing Allowance
  • Commission Income from sales, Self-Employed
  • Self Employment Income
  • Group Term Life Insurance Plan Premiums Paid
  • Guaranteed investments : Bank Accounts, Guaranteed Income & Term Deposits.
  • Home Buyers’ Plan (HBP) Repayments
  • Investment Income
  • Interest Income
  • Lifelong Learning Plan (LLP) Income
  • Net Partnership Income
  • Net Federal Supplements
  • Old Age Security Pension Income
  • Rental Income
  • Retiring Allowances
  • Severance Pay
  • Registered Education Savings Plan (RESP) Income
  • Registered Retirement Income Fund (RRIF) Income
  • Registered Retirement Savings Plan (RRSP) Income
  • Spousal Support
  • Stock Options Income
  • Stocks Income
  • Supplementary Unemployment Benefit Plans
  • Trust Income
  • Wage-Loss Replacement Plan (WLRP) Income
  • Wages
  • Canada Pension Plan (CPP)/Quebec Pension Plan (QPP): Disability, Child, Death & Survivor Benefits
  • Canada Pension Plan (CPP)/Quebec Pension Plan (QPP) Lump-Sum Payments
  • Foreign Income: Business Income, Dividends, Interest, Employment Income, Pension Income, Rental Income & Currency Exchange Rates.

What types of Income are non-taxable?

  • 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.
  • 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.
  • Canada Child Tax Benefit (CCTB) Payments
  • Child Assistance Payments
  • Goods and Services Tax/Harmonized Sales Tax (GST/HST) Payments
  • Inheritances: most cases are exempt.
  • Lottery Winnings
  • 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 six years.
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  • Home
  • Contact Us/ Service Hours
  • Current Events
  • Our Services
    • Payment/Refund/Cancellation Policy
  • Manage Your Appointment
  • Client Referral Policy
  • FAQ
    • E.T. News: Information you can count on!
  • Online Store
  • Privacy Policy
  • Terms & Conditions
  • E.T. Bookkeeping & Tax Services Client Policies & Forms
  • Truckers Special
  • Keep Us Updated
  • Your Responsibilities