To make sure your financial plan is accurate, don't forget to enter your income in My Game Plan. It's essential information!
Main types of income
Here are the most common types of income you can add to the tool. Always enter the gross amount (before taxes).
- Salary. Enter your annual salary. The "Index to inflation" toggle is enabled by default. You can also specify an additional increase rate if you know your expected salary progression.
- Bonus. Enter the annual amount you expect to receive.
- Tips. Enter the total amount of tips you receive annually.
- Self-employment. Are you self-employed? Enter your net income, which is your revenue minus expenses, before taxes. Generally, this is the amount shown on line 164 of your Quebec income tax return.
- Tax-exempt. This category includes government benefits such as the GST/HST credit. If you receive child support, add it here.
- Other taxable income. Include any other taxable inflow of money, such as:
- Rental income (your net income minus expenses for the year, which corresponds to the amount on line 136 of your Quebec income tax return)
- Commissions
- Maternity or parental benefits
- Spousal support (alimony)
Income from assets or investments
Do you expect to earn income from certain assets or investments in the coming year? You can also add these to My Game Plan:
- Dividends. These are amounts paid to you periodically when you hold public shares or pay yourself as a shareholder-owner.
- Capital gains. If you plan to sell an asset this year, such as a building, land, or shares, enter the profit you expect to make.
- Interest. If you personally lend money and receive interest in return, indicate it here. If you have investments that generate interest, enter them instead in the Savings section.
Are you retired?
You most likely have other sources of income. Add your income from government pensions, your pension plan, or your personal savings (RRSP, TFSA, etc.) in the upcoming sections.
