The Types of Income for Canadian Tax Purposes Do Not

question 3

Multiple Choice

The types of income for Canadian tax purposes do not include which of the following:

• A)Employment Income
• B)Capital Gains and Losses
• C)Lottery Winnings
• D)Other Income

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Definitions:

Endowment Fund

Financial assets donated to institutions or organizations with the stipulation that the funds are to be invested and the principal remains intact.

Restricted Fund

Denotes funds that are earmarked for a specific purpose by donors or grantors, limiting their use to certain activities or projects.

Investment Income

The money that an individual or entity earns from various investments, such as dividends, interest, or rental income.

Net Assets

The total assets of a company minus its total liabilities, representing the shareholders' equity in the company.