Income tax categories
Добавлено: 31 янв 2007, 15:31
Hi folks,
According to CRA
Amounts that are not taxed
You do not have to include certain amounts in your income, including the following:
any GST/HST credit or Canada Child Tax Benefit payments, as well as those from 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;
and
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.
Note
Income earned on any of the above amounts (such as interest you earn when you invest lottery winnings) is taxable.
So if someone gives me certain amount of cash as a present,
like for example my parents or relatives, and I deposit it onto my bank account, is it an income or can it be construed as a gift and thus to avoid the taxation?
Thanks,
According to CRA
Amounts that are not taxed
You do not have to include certain amounts in your income, including the following:
any GST/HST credit or Canada Child Tax Benefit payments, as well as those from 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;
and
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.
Note
Income earned on any of the above amounts (such as interest you earn when you invest lottery winnings) is taxable.
So if someone gives me certain amount of cash as a present,
like for example my parents or relatives, and I deposit it onto my bank account, is it an income or can it be construed as a gift and thus to avoid the taxation?
Thanks,