18 February 2020
Unfortunately, there is very little room for anything you receive not being taxable. The list is long! Everything someone pays you for work you do is considered income and taxable if it is not just a small gift for a favor. Interest, dividends, rental income, your inheritance and even if you win big money in the lottery – taxes are due.
Of course, the rules are a bit more complex, but as a rule of thumb, everything coming in triggers a tax liability.
The good news: we can help you structure your income by asking the right questions and by pointing you to the correct documents with examples.