Call: (416) 532-4828 Email: info@westnh.org

Want Help?

We're here to support our community.
Learn about our programs

Volunteer

Use your personal gifts to make a difference.
Find out more

What types of income do you need to pay taxes on?

What types of income do you need to pay taxes on?

You can make money in lots of different ways. Not all of them are taxable.

You don’t need to report …

  • Lottery, bingo or racetrack winnings
  • A loan repayment from a friend
  • Infrequent payments of less than $500 (like a garage sale)
  • Most gifts and inheritances
  • A windfall, like a personal injury settlement

You must report, but don’t need to pay tax on …

  • Ontario Works
  • Other social assistance, such as ODSP (if over $500 in a calendar year)
  • Money from selling the home you live in

You must report, and if your income is high enough, pay tax on…

  • Money you made, such as from an odd job, that is more than $500
  • Tips you receive as part of your job
  • Foreign income you earned through an internet business
  • Your pension, OAS, CPP, RRSP cash out, contracting and
  • other forms of income (even if they are less than $500)