List of non-taxable amounts you do not need to report as income!!
Monday, December 13, 2021
In Canada, depending on the source of the amount you receive, you may not need to report as taxable income. Some of the non-taxable sources of amounts are:
- Lottery winnings
- Amounts paid by Canada or an allied country for disability or death of a war veteran due to war service, if the amount is not taxable in that country.
- GST/HST credit
- Canada Child Benefit (CCB) payments.
- The compensation received from a province or territory if you were a victim of a criminal act or a motor vehicle accident
- Amounts received from a life insurance policy following someone's death.
- Strike pay you received from your union, even if you perform picketing duties as a requirement of membership
- Amounts received from a Tax-Free Saving Accounts (TFSA)
- Child support payment (court orders and written agreements made after April 1997)