Which of the following is not taxable income?
A)EI payments
B)Life insurance benefits
C)Rental income
D)The use of a company car

Question

Quizplus · Accepted Answer

Life insurance benefits are not considered taxable income. They are typically paid as a lump sum to the beneficiary of the policy and not subject to income tax. A, C, and D are all examples of taxable income. EI (Employment Insurance) payments are considered taxable income and are reported on a T4E slip. Rental income is also taxable and must be reported on a tax return. The use of a company car is considered a taxable benefit and must be reported as income on the employee's tax return.

Which of the Following Is Not Taxable Income