Sources of Income

Question 1

Employment Income

Answer 1

Salary, wages, and
gratuities

Bonuses, tips,
commissions

Employment benefits
including automobile,
stock options, as well
as other related
employment benefits

Limited deductions

Question 2

Business Income (Loss)

Answer 2

Profit (revenue less
expenses incurred to
earn income)

From a profession, a
calling, a trade a
manufacture or an
adventure or concern in
the nature of trade

Question 3

Property Income (Loss)

Answer 3

Interest income

Dividend income

Rental income or loss

Royalty income

Question 4

Other Income

Answer 4

Retirement income:
pensions, annuity
income, RRSP, CPP,
and so on

Spousal support

Social assistances and
workers’ compensation

Deductions: spousal
payments, moving
expenses, childcare,
RRSP contributions,
and so on

Question 5

Capital Gains (Losses)

Answer 5

Proceeds of disposition
less adjusted cost base

50% inclusion rate