How to Calculate Income Tax in Canada?

Answer The Canada Revenue Agency (CRA) makes tax-rate information for both the federal and provincial governments available on its website. (See Resources) Using your gross salary information you can us... Read More »

Top Q&A For: How to Calculate Income Tax 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 »

How to Calculate Rental Income From Income Tax Return for Mortgage?

Each year taxpayers must to report their rental income on their taxes. Often if a person is trying to obtain a mortgage, he will need to provide the rental income to the lender. The taxpayer can si... 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 »

What is considered low income in canada?

In Canada, low income determination is based on one's family size and the size of the one's area of residence based on population. For a single person in a rural area, the low income limit is $9,94... Read More »