How is income tax calculated on severance pay in Ontario?

Answer In Ontario, severance pay is considered income and is taxable. Just how much tax you have to pay depends on several factors, and there are some things you can do to reduce the tax hit.DefinitionAcc... Read More »

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How are property taxes calculated in Ontario?

Municipal Property Assessment Corp. (MPAC) has been the independent, not-for-profit organization in charge of property assessments in Ontario since the Ontario government transferred the responsibi... 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 the income tax return calculated?

Calculating the tax return requires entering your tax information on a 1040, 1040A or 1040EZ tax form and taking deduction and/or credits that pertain to your tax situation for the tax year.Exempti... 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 »