RSM324H1 Chapter Notes - Chapter 9: Registered Retirement Savings Plan, Registered Retirement Income Fund, Canada Pension Plan
Document Summary
Catch-all category that captures taxable income which does not qualify as one of the primary sources. Items classified as other sources of income are all from a specific list found in sections 56 through 59. 1 of the ita. Support payments are taxable only to the extent that they are for a former spouse. The total of a taxpayer"s other items of income is included in the first part of the aggregating formula. Catch-all category that permits the deduction of items that do not qualify under the four primary sources of income. Deductions in this category must come from a specific list of items found in sections 60 through 66. 8 of the ita. Major items included: contributions to an individual"s private registered retirement savings plan, support payments to a former spouse. Provided that such payments are paid on a regular, periodic basis (not in a lump sum) and are pursuant to a written agreement or court order.
