Declaring royalty income on tax return

Jump to Page:
< Previous [ 1 ] Next >

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.

-----------------------------------------------------------------
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.

-----------------------------------------------------------------
Dimple2001

Jump to Page: < Previous [ 1 ] Next >

Show Printable version

Send this page to a friend

Add to favorites

Discussions similar to: Declaring royalty income on tax return
	Topic	Forum	Views	Replies
	Employment Insurance ( 1 2 3 )	Jobs	5919	19
	Excited yet confused ( 1 2 3 )	Moving Soon	3908	15
	Question about paycheck in Quebec	Accounting and Taxation	1910	3
	IMM1000 Immigrant Visa and Record of Landing	Ask Immigration Expert	1520	0
	Is there is any tax if we bring amount in excess ?	Moving Soon	1856	5
	Ads tax deductible?	Accounting and Taxation	1336	6
	world income taxable??? if i have no residential ties	Accounting and Taxation	1978	2
	Deciding how much to Carry forward unused RRSP Contribution	Accounting and Taxation	1333	3
	Tax Q for self-employed...	Accounting and Taxation	1528	1
	Money	Life	1468	4
	Gross salary - Net salary	Jobs	2483	2
	T4A question - Footnote codes?	Accounting and Taxation	4993	5
	Is Income Taxable for CANADA who is Landed Immigrant & Working in USA	Ask Immigration Expert	2034	2
	accountant help needed.	Accounting and Taxation	1608	2
	FCNR account income	Accounting and Taxation	1729	0
	PR expense and income tax benefits ( 1 2 )	Accounting and Taxation	2407	8
	What's Taxable Under the HST and What's Not?	Life	1257	1
	Tax on pension income	Accounting and Taxation	1706	5
	How much tax for 3000$ a month salary? ( 1 2 3 4 )	Jobs	7656	25
	Is bank transfer taxable?	Life	996	1
	reporting world income	Financial Planning	1485	1
	Declaring royalty income on tax return	Accounting and Taxation	1911	2
	Canadian tax on tax-free income in India (Provident Fund, Gratuity)	Accounting and Taxation	8175	6
	Filing Income Tax Returns for Indian income in India ( 1 2 )	General	2029	9
	Financila Review and Evaluation Form	Family Class	1111	2

Charcha

Declaring royalty income on tax return

Discussions similar to: Declaring royalty income on tax return