Money Talk

JANUARY 4, 2024

Life Insurance - This is money transferred to a beneficiary via a deceased person’s life insurance policy. Like inheritances, life insurance is generally not subject to income tax. Inheritances are not considered taxable income by the federal government but earnings on inherited assets (e.g.,

Life Insurance 171

Life Insurance Pension Benefit Retail Taxes 171

Employee Benefits

MARCH 4, 2024

From April 2023, the LTA charge was removed and pension benefits have been taxed as income with no additional penalty since then, but the formal abolition of the LTA required a raft of new legislation which is now complete, so this will take place from April 2024.

Pension 59

Pension Pension Benefit Employment Taxes 59

Workers' Compensation Perspectives

JANUARY 1, 2019

Other real expenses that are excluded from the “basket of goods” [in Canada, at last] are real estate and life insurance. In that state, most workers injured on or before July 1, 2017 will see time-loss and pension benefit payments increase by 5 percent based on the change in the state's average wage.

Workers’ Compensation 52

Workers’ Compensation Pension Health and Welfare Insurance 52