[Verse 1] Sarah gets her pension check each month Section fifty-six says income's what it's called EI benefits when she lost her job Social assistance helps when times are hard Scholarships for school might count as well But research grants have different tales to tell [Chorus] Fifty-six includes, sixty deducts Moving costs and RRSPs Support payments flow both ways you see Remember the sections, fifty-six, sixty, sixty-two Other income, other deductions too [Verse 2] RRSP contributions bring you down Section sixty deductions, money in the ground Growing tax-free till you take it out Contribution room is what it's all about Eighteen percent of income from last year Minus pension adjust, keep the limit clear [Chorus] Fifty-six includes, sixty deducts Moving costs and RRSPs Support payments flow both ways you see Remember the sections, fifty-six, sixty, sixty-two Other income, other deductions too [Verse 3] Support payments tell a twisted tale Who pays, who gets, the tax will never fail Alimony paid means your taxes drop Child support received won't make you stop Court orders matter, dates are key Pre-ninety-seven rules differently [Bridge] Moving expenses, section sixty-two New job location, what can you do Forty kilometers closer to work Travel and storage, don't go berserk Only deduct from employment new Moving expenses coming through [Chorus] Fifty-six includes, sixty deducts Moving costs and RRSPs Support payments flow both ways you see Remember the sections, fifty-six, sixty, sixty-two Other income, other deductions too [Outro] Pensions, benefits, and scholarships RRSP contributions on your lips Support and moving, know the game Canadian tax law's not the same
← 5 Capital Gains and Losses (Subdivision c) | 7 Tax Credits and Final Tax Calculation →