Declaring royalty income on tax return

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dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 28-02-15 00:12:21

I may have missed the obvious, but does anyone know if royalty income is taxable? I know lottery/casino winnings are not taxable, but royalties? I couldn't seem to find a spot on the T1 or any schedules, but as I stated, might have missed the obvious.

Thanks.

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Dimple2001

adamthorat
Member since: Aug 11

Posts: 1041
Location:
Post ID: #PID

Posted on: 28-02-15 02:18:47

Quote:
Originally posted by dimple2001

I may have missed the obvious, but does anyone know if royalty income is taxable? I know lottery/casino winnings are not taxable, but royalties? I couldn't seem to find a spot on the T1 or any schedules, but as I stated, might have missed the obvious.

Thanks.

Line 104 - Royalties

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/104/rylts-eng.html

WTH ?? You are now getting royalties ! Are you a musician , author , actor or something !

Or are you getting royalties from some of your investments or businesses ?..some of them might be Dividends or royalties , which are taxed differently .

Box 17 on T5 slip

– Royalties from Canadian sources
If royalties are from a work or invention of yours with no associated
expenses, enter the amount on line 104 of your return.
Enter on line 135
your royalties that have expenses associated with them.
Enter on line
121 of your return all other royalties.

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 28-02-15 09:55:29

Thanks, adamthorat.

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Dimple2001

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