The Canadian income tax system includes five specific categories of income. Identify the income category to which each of the
1. Interest earned on a bond investment.
2. Pension income.
3. Consulting fees.
4. Profit on the sale of shares of a public corporation. The shares were acquired as a long-term investment.
5. Wages from employment services.
6. Share of profits from a partnership that operates a restaurant.
7. Dividends from the shares of a corporation that carries on a retail business.
8. Tips from customers of an employer’s business.
9. Rents from tenants of a commercial building.
10. Fees for providing piano lessons to several students.
11. Profit on the sale of land that was used by the owner for farming.
12. Profit on the sale of a summer cottage that was used by the owner for personal enjoyment.
13. Profit on the sale of land that was purchased for resale. Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Question Posted: December 19, 2015 03:57:57