Wednesday, November 9, 2011

Are car accident lawsuit settlement taxable in Ontario, Canada?

I had a major car accident about seven years ago and received a settlement including loss of income. I didn't pay any taxes on it and I live in Ontario. The best way to know if -in your cirstances you will have to pay is to make a (free) phone call to your local H&R block and ask them. Or ask Revenue Canada-Canada Revenue Agency (CRA) 1 800 959-8281 (For more numbers and a local number for the area you live in-check the blue pages at the back of your white pages telephone book) I hope this helps.

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