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
- 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 6 years.
Photo used under Creative Commons from James Webb Space Telescope