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.

Special case

If you are a refugee who received amounts from a charity such as a church, you do not have to report the amounts in your income tax return. However, if you were hired by the charity as an employee, your employment income is taxable and must be reported.

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