Can an Alberta Personal Injury Settlement be Taxed?
Can an Alberta personal injury settlement be taxed? You need every cent of your personal injury settlement, so it's natural to worry about who might come looking for a cut of your money. Fortunately for you, the Canadian Revenue Agency won't be one of the parties who do. Here's what you need to know about how the CRA treats personal injury settlements. The Law is Very Generous Every part of your settlement is protected from taxation. This includes your pain and suffering award, the damages to repair your motor vehicle, and your lost wages or loss of earning capacity monies. As long as this...
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