Is money received underneath the dismemberment wedge of enthusiasm insurance taxable surrounded by Ontario, Canada?
If one received a lump sum for a dismemberment such as loss of certain fingers etc...from an insurance company, is that money taxable, or does the person procure to keep the whole amount?
Answers:
almost adjectives insurance benefits are paid out tax free, unless this underneath an group insurance policy set up by your work. In that case if it's a taxable benefit, then the payout could be tax as well. If it's an individually owned policy then you don't bring back taxed Source(s): financial advisor in Canada
This is a charge question, not an insurance question. Re post this interview under 'Taxes'.
Related Questions:
Answers:
almost adjectives insurance benefits are paid out tax free, unless this underneath an group insurance policy set up by your work. In that case if it's a taxable benefit, then the payout could be tax as well. If it's an individually owned policy then you don't bring back taxed Source(s): financial advisor in Canada
This is a charge question, not an insurance question. Re post this interview under 'Taxes'.
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