TORONTO ACCOUNTING & TAX
Phone: (647) 297-6896
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Nontaxable Income

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Amounts that are not taxed

You do not have to report certain amounts in your income, including the following:

• Any GST/HST credit or Canada child tax benefit payments, as well as those from certain related provincial and territorial programs;

• Child assistance payments and the supplement for handicapped children paid by the province of Quebec;

• Compensation received from a province or territory if you were a victim of a criminal act or a motor vehicle accident;

• Lottery winnings;

• Most gifts and inheritances;

• Amounts paid by Canada or an ally (if the amount is not taxable in that country) for disability or death due to war service;

• Most amounts received from a life insurance policy following someone's death;

• Most payments of the type commonly referred to as strike pay you received from your union, even if you perform picketing duties as a requirement of membership; and

• Most amounts received from a tax-free savings account (TFSA).

Source: http://www.cra-arc.gc.ca

 Address: Unit 310, 505 Hwy7 East
                 Markham, ON
                 L3T 7T1



Phone: (647) 297-6896
Fax:     (647) 367-0734
Email:   info@torontoaccountingandtax.com
Website: www.51tax.ca
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