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 »

How is income tax calculated in Canada?

Income taxes in Canada are generally calculated on a progressive or graduated scale, meaning the more you earn, the higher proportion of your income is taxed. Just how much income tax you pay depen... Read More »

Income Tax Information for Canada?

Canada has been collecting income tax since 1917, according to the Canada Revenue Agency. Canadian income tax is payable both to the federal and provincial or territorial governments based on an in... Read More »