Definition of “income”

• 7. (1) For the purposes of this Act, “income”, of a person for a calendar year, has the same meaning as in section 2 of the Old Age Security Act except that, for the purposes of this Act,

  • (a) [Repealed, 1992, c. 48, s. 30]

  • (a.1) there shall be included in income of the person for the year any payment made to the person or the person’s spouse or common-law partner, if any, in the year under

    • (i) the Flying Accidents Compensation Regulations,

    • (ii) the Royal Canadian Mounted Police Superannuation Act,

    • (iii) section 22 of the Corrections and Conditional Release Act, and

    • (iv) the Royal Canadian Mounted Police Pension Continuation Act, chapter R-10 of the Revised Statutes of Canada, 1970;

  • (b) there shall not be included in income of the person for the year

    • (i) casual earnings in the year being net income from employment, self-employment or rental of property the aggregate of which from those sources does not exceed, in respect of the person, the person and the person’s spouse or common-law partner or the person and the person’s spouse or common-law partner who is a veteran, as the case may be, such applicable maximum amount as is prescribed by regulations made under section 25 in respect of a person without a spouse or common-law partner, a person with a spouse or common-law partner and a person with a spouse or common-law partner who is a veteran,

    • (ii) net interest income in the year from any source the aggregate of which does not exceed, in respect of the person or the person and the person’s spouse or common-law partner, as the case may be, such applicable maximum amount as is prescribed by regulations made under section 25 in respect of a person without a spouse or common-law partner and a person with a spouse or common-law partner,

    • (iii) any amount paid under any law that provides compensation to workers injured in the course of their employment as an attendance allowance in respect of the person or the person’s spouse or common-law partner, if any, or the person’s survivor or orphan, or

    • (iv) any amount paid to the person or the person’s spouse or common-law partner, if any, or the person’s survivor or orphan by reason of a decoration for gallantry;

  • (c) business losses and capital losses shall be taken into account in the year in which those losses occurred;

  • (d) dividend income shall be taken into account on the basis of the actual amount of the dividend; and

  • (e) paragraph (d) of the definition “income” in section 2 of the Old Age Security Act does not apply.

• Marginal note:If change to other Acts

  (2) Despite subsection (1), if it appears to the Governor in Council that any amendment to the Income Tax Act or the regulations made under that Act, or to the Old Age Security Act, would result in a significant change in the amount of any allowance payable in respect of any class of persons under this Act, the Governor in Council may make orders to alleviate the effect of the change by deeming, for the purposes of this Act, revenue specified in the orders, or a part of that revenue, to be or not to be, as the case may require, income of a person referred to in subsection (1).