Income

In general, any amount that is earned, whatever its source, constitutes income.

If you earned amounts in foreign currency, these amounts must be expressed in Canadian dollars. Use the exchange rate in effect at the time you earned the amounts. You may use the average exchange rate for the year if the amounts were received over the entire year. For information on the exchange rate, consult the Internet site of the Bank of Canada.

Do not include the following when calculating your income:

• the child assistance payment from the Régie des rentes du Québec
• the tax credit respecting the work premium
• the allowance received under the shelter allowance program
• property received as an inheritance
• amounts received under a life insurance policy following the death of the insured
• the QST credit
• the GST credit
• the credit for individuals living in northern villages
• lottery winnings
• strike pay
• compensation paid to Merchant Navy veterans or surviving spouses
• federal Child Tax Benefit payments
• benefits paid under a wage loss insurance plan or an income insurance plan, other than a plan to which your employer made a contribution

For more information on retroactive payments or support-payment arrears, transfers of property or the split income of a child, consult the guide to the income tax return (TP-1.G-V).