What is general income?
General income is income gained from sources other than capital gains (which come from the growth of stock markets or real estate).
As such, interest income made within your savings account is not considered capital gains and is 100% taxable along with all your other general income.
According to the CRA, general income can come from a number of sources including:
- Wages
- Salaries
- Tips
- Commissions
- Bonuses
- Other types of compensation from employment
- Interest
- Dividends
- Net income from a sole proprietorship, corporation or cooperative
- Rent
- Royalties
- Benefits including Old Age Security, CPP, pensions and other social benefits
- Gambling winnings if earned from a business (but not if earned from casual, hobby-level playing)
Click here to read more about types of income on the CRA’s website