What Is Income?

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Income consists of amounts such as:

  • salaries and wages
  • remuneration
  • commission
  • fees
  • interest
  • dividends
  • annuities

As a rule, income is derived from:

  • employment
  • a business
  • an office
  • property

However, an amount received in the form of capital does not constitute income. For example, if you make a one-year term deposit of $1,000 (capital) at a bank, at 5% interest, the bank will remit $1,050 ($1,000 in capital + $50 in interest) to you when the investment matures. Only the $50 in interest is considered income. Consequently, you will receive an RL slip from the bank indicating $50 in interest income.

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