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Tax Free Money

Tax Free Money

While generally you need to consider the tax implications when you received funds, here are some areas where funds can be considered tax free.  Note this is not meant to be an idea for our governments – so if you are with the government, please do not read on.

  • Canada Child Benefit
  • GST/HST Credit
  • Lottery Winnings
  • Gifts
  • Inheritance
  • Post-Secondary Scholarships
  • Payouts from Life Insurance Policies
  • TFSA Withdrawals
  • Capita Dividends
  • Employees may receive up to $500 of non-cash gifts in a year if provided for a special occasion
  • Employees may receive a non-cash gift in recognition of long service valued at less than $500 once every five years

This information is for discussion purposes only and should not be considered professional advice. There is no guarantee or warrant of information on this site and it should be noted that rules and laws change regularly. You should consult a professional before considering implementing or taking any action based on information on this site. Call our team for a consultation before taking any action.

Nizam Shajani

I enjoy formulating plans that help my clients meet their objectives. It's this sense of pride in service that facilitates client success which forms the culture of Shajani LLP.

Shajani Professional Accountants has offices in Calgary, Edmonton and Red Deer, Alberta. We’re here to support you in all of your personal and business tax and other accounting needs.