What types of income do you need to pay taxes on? - West Neighbourhood House

how do I do my taxes if I'm working multiple side hustles? No matter how many hustles you have, you deserve tax and money help from someone who works as hard as you do.

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)
Back to top