Sometimes in Canada, you may come across types of income that you don’t have to report.
Things like GST credits, child tax benefits, and some government payments or refunds are examples. But if you win that 649, you don’t have to report it. You do have to report the interest it will earn when you wisely invest it, so don’t confuse the two. If you were the victim of a crime, government compensation is non-taxable. And most gifts and inheritances fall in the non-taxable category. Life Insurance may also be non-taxable, but make sure you double check this. And for those of our friends on strike and receiving strike pay, that is considered non-taxable.
For more information on types of income that you don’t have to declare, Revenue Canada has a page devoted to this topic.