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?

Answer 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 »

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Is unemployment compensation taxable on Pennsylvania income taxes?

According to the Pennsylvania Department of Labor, unemployment is only taxed on a federal level and not on the state level. It furthers says that Public Law 111-5 makes only amounts over the firs... Read More »

Is a financial aid grant taxable income?

Financial aid money, including grants, can be taxable. Any portion of the money you received that wasn't used to pay for college or approved college-related expenses, such as books and supplies, is... Read More »

How Should Taxable Income Be Adjusted for Capital Loss?

For U.S. individual income tax payers, the Internal Revenue Service (IRS) allows capital losses to offset taxable income, including taxable income from ordinary income sources, such as employment a... Read More »

Canada short term disability is it taxable income?

If you are referring to Short-Term Disability Insurance, it is taxable if your employer made the contribution, and not taxable if you made the contribution. This is because it is treated as a taxab... Read More »