Non Taxable Income

Client frequently asks us what type of income is Non-taxable. Generally, all types of income are taxable, the following are exceptions:

-          Allowance received under the shelter allowance program
-          Property or money received as inheritance
-          Amount received under a life insurance policy
-          Amount received from province or territory if you were a victim of a criminal act or motor vehicle accident
-          Any tax credits such as (solidarity, GST, Working income tax benefits, work premium, child tax benefits)
-          Lottery winning
-          Strike pay
-          Benefits received under a wage loss replacement plan or income from insurance plan, other than a plan to which your employer made a contribution to
-          Income from TFSA account
-          Elementary and secondary school scholarships and bursaries
-          Certain post-secondary scholarships, fellowships, and bursaries 


Disclaimer: None of the content is or should be construed as tax advice. We disclaim any liability to anyone arising from reliance on any content of this. Pauls & Associates can review your unique situation and determine appropriate plan to minimize your tax liabilities.