FAQ - E.T. BOOKKEEPING & TAX SERVICES CORPORATION

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.

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.

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