FAQ: Where Do I Enter Tax-Free Income?
The platform already calculates typical income tested government benefits which are tax free. For a full list go to Foundation > Tax & Benefit Analysis and look at the bottom of that section for all the benefits included. We've summarized the current list below
- CCB: Canada Child Benefit.
- GST Credit: Federal GST/HST Credit.
- CWB: Federal Canada Workers Benefit.
- GIS: Federal Guaranteed Income Supplement.
- Extra GIS: Extra Federal Guaranteed Income Supplement.
- OCB: Ontario Child Benefit.
- OEPTC: Ontario Energy and Property Tax Credit.
- HST Credit: Ontario Sales Tax Credit.
- OSHPTG: Ontario Senior Homeowners Property Tax Grant.
- GAINS: Ontario Guaranteed Annual Income System.
If you receive non-taxable income that is part of that list then it should be entered as “Government Benefit” income in Discovery > Income > Net Income and the platform will readjust it for you based on future taxable income levels.
If you receive non-taxable income outside of that list then you can enter it in Discovery > Income > Net Income in the field called “Net Non-Taxable Income”.
You can also override it directly in Projections by going to Planning > Projections > Table and opening the Income columns using the “>” arrow. There you will see a Non-Taxable Income column (fed by the info in Discovery) and it can be overriden to a specific amount each year.
