Sources of Income

Question 1

Employment income

Answer 1

• salary, wages and tips
• bonus, and commissions
• employement benefits - automobile, stock options
• limited deductions against employment income

Question 2

Business Income (loss)

Answer 2

• profit (revenue less expenses)
• from profession, trade or nature of trade (sole proprietorship)

Question 3

Property income (loss)

Answer 3

• interest
• dividend
• rental
• royalty

Question 4

Capital Gain (loss)

Answer 4

• POD - ACB
• 50% inclusion rate
• CL can only be applied against current year CG

Question 5

Other income (deductions)

Answer 5

• retirement income (pension, annuity, RRSP)
• spousal support
• social assistance and workers compensation
• Deductions: spousal payments, moving expenses, child care expenses, RRSP contributions