Question

ment in a Canadian corporation. PROBLEM THREE which each of the following Indicate the category of income under the Income Tax Act into w items falls: 1. Annual stipend received by an individual for serving as a director 2. Receipt of alimony (spousal support) payments 3. Receipts from an employer's registered pension plan 4. Dividends received from a foreign corporation 5. Proceeds from the sale of land acquired for resale 6. Loss from a loan to a small business corporation 7. Moving expenses 8. Gain from the sale of shares of a public corporation 9. Fees received for providing legal services 10. Alimony (spousal support) paid 11. Gain on the sale of an automobile purchased for resale 12. Bonus from an employer

Answer 1

Answer:-

Sr.No.	Particulars	Category
1	Annual stipend received by any individual for serving as a director of a public corporation	Income from Salary
2	Receipt of alimony payments	Exempt(Assumed as received from already taxed income)
3	Receipt from an Employer's Registered plan	Income from Salary
4	Dividends received from foreign Corporation	Income from other sources
5	Proceeds from land acquired for resale	Capital Gains
6	Loss from loan to a small business corporation	Income/Loss from Business and Profession
7	Moving Expenses	Deductible as business expense
8	Gain from shares of a public corporation	Capital Gains
9	Fees received for providing legal services	Income from Business and Profession
10	Alimony paid	Exempt (Assumed as already paid from taxable income)
11	Gain from sale of an automobile purchased for resale	Income from Business and Profession
12	Bonus from employer	Income from Salary