Application (Pub: 3 Dec 2007)
Is every gain received by you or your business taxable? The answer is clearly no. (This would change if a capital gains and/or wealth tax was introduced). The Income Tax Act only imposes tax on taxable income. Taxable income does not usually include: • capital gains (related party capital gains may be taxable in some situations) • windfall gains such as prizes, gambling wins • gift and estate receipts • modest receipts from a hobby activity • sales of second-hand personal property, for example proceeds of a garage sale more details
Business Help Center
