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.