BU357 Lecture Notes - Canada Pension Plan, Tax Deduction, Deferred Income
Document Summary
1chapter nine - other income and deductions (div b, subdiv d,e,g, s56-66, Other sources of income s56 - this includes miscellaneous taxable amounts not attributable to sources previously studied: Benefits in the nature of pensions: old age security benefits, canada pension plan benefits, Death benefits (received from former employer on or after death of employee; ,000 exemption), employment insurance act benefits. Retiring allowances and other payments on termination of employment which are not included in employment income under s6(3), are generally taxable as a retiring allowance. This includes payments in recognition of long service or compensation for loss of office, including court- awarded damages. Family support payments resulting from marital splits are taxable to the recipient only if the payments are deductible to the payor. Pre-april 30, 1997 agreements: both spousal and child support are taxable to the recipient (and deductible by the payor). Annuity payments are included in other income when received.
