How long should we keep income tax files in Canada?

Answer According to the Canada Revenue Agency, Canadian income tax records, receipts and supporting documentation should be kept for six years after filing in the event a tax review is requested.Source:Ca... Read More »

Top Q&A For: How long should we keep income tax files in Canada

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 »

When did income tax start in Canada?

The income tax started in Canada in 1917 due to World War 1. The law applied an income tax of 4% on all income of single men over $2,000. For others, the personal exemption was $3,000. For those C... 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 »

Definition of Low Income in Canada?

Three distinct measurements define low income in Canada. Statistics Canada uses the "Low Income Cutoff," based on the ability to purchase necessities, and the "Low Income Measure," based on inequal... Read More »