3- Income

Business or Professional Income

An individual who carries on a business must include the proceeds from all sales, including commissions and professional fees, for which the individual is paid (or is to be paid) in cash or equivalent, or in the form of a barter.

Other Income

Business income includes amounts and benefits received during the year, such as:

• The value of trips awarded as a bonus or gifts received for work performed by the business;
• Grants and subsidies received from an organization or government;
• The collection of a debt that had been written off as a doubtful account in a previous year;
• Incidental investment income.