Tag: taxes

Taxable and Non-Taxable Income

As per Income Tax Act (“Act”), the tax base is a Canadian resident’s “taxable income” for each taxation year, plus additions and minus permitted deductions. The Act, specifically, states that any income from office, employment, business and property is taxable. However, this list is, in no way, exhaustive, which makes the discourse around taxable and non-taxable income a complicated one.…