COMMERCE 4SB3 Chapter Notes - Chapter 9: Child Care, Tax Rate, Financial Institution
8 Dec 2017
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Chapter 9 - other sources of income and deductions in computing income. All of the bullets below represent deductions in computing income or inclusions to income. Includes pension benefits received under oas act and cpp. At least 60 years to qualify, 50% can be shared on combined. Cpp benefits prorated by the length of time the individuals have been living with together in relation to contributory period. At least 65 years to qualify, up 50% can be to spouse on eligible pension income that qualifies for pension income tax credit. Retiring allowances and other payments on termination of employment. All payments on termination of employment are taxable as retiring allowance retiring allowance specifically includes. Retirement from an office or employment in recognition of long service. Loss of office including court-awarded damages received by the taxpayer, or as a bequest, by a dependant or relation of the taxpayer or his/her legal relative. Annuity payments that do not qualify for this deduction.
