RSM324H1 Chapter 9: CHAPTER 9-1
16 Feb 2017
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Chapter 9 other income, other deductions, and special rules for completing net income for tax. Other sources of income and other deductions apply primarily to individuals. With the exception of retirement savings plans, they normally do not have a significant impact on investment strategies or business decisions. Income from a registered education savings plan (resp: amounts received by a student as scholarships, fellowships, or bursaries are exempt from tax. This exemption applies only to amounts received by a student enrolled in a program entitling the student to claim the education tax credit or elementary and secondary programs. Note that support payments are taxable only to the extent that they are for a former spouse. In the case of a single parent, the uccb amount can be included in the taxable income of the child that is claimed for the equivalent-to-spouse credit instead of the income of the single parent. This program expired on june 30, 2016.
