AFM362 Lecture 11: Mod 11 - Taxable Income - Individuals
SchoolUniversity of Waterloo
DepartmentAccounting & Financial Management
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Mod 11: Other income & Taxable Income - Individuals
What does the act say?
56(1) Amounts to be included in income for the year – Without restricting the generality of section 3,
there shall be included in computing the income of a taxpayer for a taxation year,
(a) pension benefits, unemployment benefits, etc.
(b) [spousal or child] support
(d) annuity payments
(h) registered retirement savings plan, etc.
(i) deferred profit sharing plan
(j) life insurance policy proceeds
(n) scholarships, bursaries, etc.
(t) registered retirement income fund
(u) social assistance [welfare] payments
(v) workers’ compensation
● Pension benefits
● Deferred income plans
● Includes pension benefits received under the Old Age Security Act and the Canada Pension Plan
○ Income splitting
■ Pension income
Deferred Income Plans
● Receipts from the following included in income:
○ Registered retirement savings plan (RRSP)
○ Home Buyer’s Plan (HBP)
○ Lifelong learning plan (LLP)
○ Deferred profit sharing plan (DPSP)
○ Registered education savings plan (RESP)
○ Registered disability savings plan (RDSP)
○ Registered retirement income fund (RRIF)
Registered Education Savings Plan (RESP)
● Funds post-secondary education for a qualified beneficiary
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