The concept of income : the receipts side / by Douglas J. Sherbaniuk, Faculty of Law, University of Toronto. : Z1-1962/1-1-20E-PDF

"The determination of what is "income" for tax purposes entails two broad lines of inquiry. First, although the term "income" clearly implies the idea of "receipt" or "coming in", it does not include all amounts which come in, for reasons which are considered in this study. Hence, the initial step in ascertaining income is to distinguish amounts received which are of an income nature from those which are not. The second aspect of the problem, the determination of allowable deductions, stems from the fundamental principle of Canadian income tax law that income means "net income", or gross receipts less certain disbursements and expenses, the deductibility of which, in general, is determined according to ordinary business and commercial principles, subject of course to statutory modifications and limitations"--Preface, page v.

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