Does Parent's TFSA income affects OSAP? How to calculate the TFSA Income?
Is it based on balance sheet in statement Jan and Dec or based on trading capital gains+dividends?
I was asked to provide support docs related to TFSA income when the entered number in OSAP is bigger than 3000.
Foreign income and Canadian non-taxable income includes:
• income earned in a country other than Canada that has not been reported to the Canada
Revenue Agency (CRA) through line 104 (e.g. employment income, rental income or interests,
dividends and capital gains from investments)
• child support received
• foster parent payments
• income earned on a First Nations community in Canada
• lottery winnings totalling over $3,600
• gifts and inheritances totalling over $3,600
• life insurance compensation
• strike pay you received from your union
• interest, dividends or capital gains from tax-free savings accounts (TFSA) regardless of the
original source of the income