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There is the common adage that nothing in life is free. Well, does that extend to tax? Is nothing in life tax-free? The simple, and well-received answer is no. There is a surprising variety of income and benefits an individual can receive that are not subject to tax in Canada.
In some cases, there are specific rules in the Income Tax Act which exempts income from certain sources. In other cases, amounts received simply may not fall within the provisions of the Act, and are therefore not subject to tax. Regardless of how one cuts it, understanding when one can avoid a large tax bill, legally and legitimately, can be very valuable.
In this issue of Canadian Tax Planner, we will discuss some of the more well-known, and a few not so well-known sources of income that can be received tax-free by an individual.
More specifically, we will discuss:
- PART 1: Good Luck – Lottery, Prizes, Gifts and Windfalls
- PART 2: Employment Related Payments and Benefits
- PART 3: Insurance and Other Types of Compensation Payments
- PART 4: Government, Familial and Other Payments
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WARNING: This information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions in a newsletter such as this, a further review should be done by a qualified professional. No individual or organization involved in either the preparation or distribution of this letter accepts any contractual, tortuous, or any other form of liability for its contents or for any consequences arising from its use. Photocopying, replication or any other reproduction of the information contained within the newsletter, for any reason, other than a single page for reference only is strictly prohibited. Copyrighted © Video Tax News Inc. 2017. Date of Issue – September 2017. This periodical is published six times per year in January, March, May, July, September and November.