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Tax free income ?

Tax free income ?

Almost all types of income are subject to income tax. However, there are some exceptions. Lottery winnings in Canada and gains from casual gambling are not taxable.Proceeds from damage awards are generally tax-free and, under certain circumstances, income earned on damage awards for taxpayers under 21 years of age is also exempt until the taxpayer turns 21.Various defined payments to war veterans are also exempt. Read more about Tax free income ?