{"id":506,"date":"2016-04-20T21:34:20","date_gmt":"2016-04-20T21:34:20","guid":{"rendered":"http:\/\/carringtoninc.ca\/?p=506"},"modified":"2016-04-20T21:34:20","modified_gmt":"2016-04-20T21:34:20","slug":"dont-report-these-top-fifteen-exempt-income-sources","status":"publish","type":"post","link":"https:\/\/carringtoninc.ca\/?p=506","title":{"rendered":"Don\u2019t Report These Top Fifteen: Exempt Income Sources"},"content":{"rendered":"

Posted:<\/strong> April 19, 2016 By:<\/strong> Evelyn Jacks
\nPosted in:<\/strong> Breaking News<\/a>, Current Issue<\/a><\/em><\/p>\n

Top 15 List of types of income you should\u00a0not<\/em>\u00a0report:<\/p>\n

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  1. TFSA withdrawals (neither income nor capital is taxable)<\/li>\n
  2. Inheritance or gifts<\/li>\n
  3. Life insurance policy benefits<\/li>\n
  4. Lottery winnings<\/li>\n
  5. Strike pay received from unions<\/li>\n
  6. MLA (Member of the Legislative Assembly) and Municipal Officers Expense Allowances<\/li>\n
  7. Capital gains on the disposition of taxable publicly traded shares that are donated to a registered charity or private foundation or gains on exchange of private corporation shares for shares in a publicly traded corporation that are subsequently donated<\/li>\n
  8. Compensation received from a province or territory if you are the victim of a criminal act or car accident. Furthermore, there is no reporting of investment income from such compensation until the age of 18.<\/li>\n
  9. Proceeds from accident, disability, sickness or income maintenance plans where the taxpayer has made all the (non-deductible) premiums<\/li>\n
  10. Refundable provincial or federal tax credits (Social Assistance Payments, however, are reported although they are not taxable, because they impact family net income for the purposes of calculating these credits.)<\/li>\n<\/ol>\n
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