Reporting Income
Reporting Income
Employment and self-employment Income
- Report income related to employment and self-employment, including commissions, and foreign employment income
Pension and Savings Plan Income
- Report pension and savings plans income like old age security, CPP or QPP benefits, or pensions from other countries
Investment
- Report income earned through investments like interest, dividends, and capital gains
Benefits income
- Report benefit income from EI and other benefits, workers’ compensation benefits, social assistance payments, or UCCB
COVID-19 benefit amounts
- How to report your benefit amounts, issues with tax slips, payment options, and interest relief if you owe 2020 taxes
Amounts that are not taxed
- Exempt u/s 87 pf the Indian Act, lottery winnings, gifts and inheritances, disability amount, death of a war veteran due to war service, GST/HST credit, Canada Child Benefit(CCB), received from a life insurance policy following someone’s death, strike pay, and TFSA
Our Blue Ocean team of tax and accounting experts have years of experience working with individuals to prepare their taxes. Contact us this tax season, and we will work with you, and prepare your taxes so that you get the most out of your tax return. Contact us for a free consultation.