RSM324H1 Chapter Notes - Chapter 9: Registered Retirement Savings Plan, Registered Retirement Income Fund, Canada Pension Plan
31 Dec 2017
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Other income, other deductions, and special rules for completing net income for tax purposes: other sources of income. Other sources of income are all from a specific list found in sections 56 through 59. 1. Pension benefits received from an employer"s pension plan. Old age security payments from the government of canada. Employment insurance plan (employment benefits from government) Scholarships, fellowships, or bursaries are exempt from tax only if student enrolled in a program entitling the student to claim the education tax credit. Support payments (former spouse); support payment of a child are not taxable. Universal child care benefit program (uccb); 100 per month for each child under 6; taxable in the hands of the lower income spouse; single income of the child or equivalent-to-spouse credit. Excluded from the list of other sources of income. Life insurance proceeds on the death of an individual. Proceeds from accident, disability, sickness, or income maintenance insurance policies.
