How far back can Canada go for personal income tax?

Answer Although Canada usually goes back only three years for personal income tax, if the government finds there are errors on a return due to carelessness, neglect or intent to fraud, it can go back fart... Read More »

Top Q&A For: How far back can Canada go for personal income tax

What is the maximum personal income tax rate in Canada?

According to the Canada Revenue Tax Agency, as of 2009 the maximum personal income tax rate is 29 percent, which begins when a taxpayer's taxable income is $126,624. The 15 percent tax rate, which ... Read More »

If one received a financial compensation for loss of limb from an insurance company is that money taxable and should it be included as income for income tax in Ontario Canada?

That is going to depend on your destination. For example, if you are flying into the United States you could opt to get travel insurance from American Visitors Insurance, a well known travelers' he... Read More »

What is personal income tax?

The personal income tax is a tax that levied on the income of individuals. In general, the personal income tax refers to the income taxes paid to the federal and state governments by those earning ... Read More »

What is the income tax rate in Canada?

The Canada Revenue Agency (CRA) is the government agency responsible for collecting the federal income tax from both individuals and the provinces. The tax is based on the amount earned for the tax... Read More »