Impact of Indian Act on Income Replacement Benefits
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Considerations for an Insured Employed by a Family Business
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What is included in Gross Income from Employment? (post-Sept/2010)
Summary: There does not appear to be any significant changes to what should be considered in calculating the Gross Income for a claimant under the New SABS. However, we finally have a definition. We have previously explained what is included in Gross Income from Employment as it relates to the SABS-1996 (see link at bottom […]
How You Can Get More Out of the Employer’s Confirmation Form (OCF-2)
As we mentioned in our blog post on common errors and deficiencies found in the OCF-2 form, there are ways to make the form work better for you. By requesting not only the correct supporting documentation, but asking the right questions, as well, you can ensure a correct Income Replacement Benefit (IRB) calculation every time. […]
How are loans considered in an Income Replacement Benefit (IRB) calculation?
Generally, loans received by an insured, regardless of the source, are not considered income for IRB purposes. But, as with most situations, and because this would be a really short topic otherwise, it’s not quite so cut and dry. Traditionally, this issue is more prevalent after an accident than before, but the same principles apply. […]
When and how is interest payable on overdue benefits?
Summary The interest rate on overdue benefits is now payable at a rate of 1% per month, compounded monthly, for accidents on or after Sept. 1, 2010. Any accidents prior to Sept. 1, 2010, are still payable at the rate of 2% per month, compounded monthly. What does this mean? The current low interest rate […]
Is Interest Income Considered when Calculating an Income Replacement Benefit?
There are a number of ways that someone might earn interest income, be it on an investment, or as a result of late payment from a client. As with any income, interest must be reported for taxes. But, whether interest is included in the calculation of an income replacement benefit (IRB), is entirely dependent on […]
Employment Expenses Must be Considered when Calculating an Income Replacement Benefit
There are many factors that can affect income for an insured. Employment expenses are one piece of this puzzle. If an employee, in the course of employment, is required to pay certain expenses as a means to earn income, they could have employment expenses. These expenses may be reported on a person’s income tax return, […]
Is Your Claimant Employed, Self-Employed or Unemployed? It isn’t as easy as you think.
Defining a claimant’s employment status is integral in the calculation and determination of an Income Replacement Benefit (“IRB”). Whether an individual is employed, self-employed, or unemployed at the time of the motor vehicle accident is used to determine the period upon which the insured’s income is calculated as well as the actual income – both […]
When Are Payments for Loss of Income Deductible?
Summary: The New SABS (O. Reg. 34/10) have introduced changes which will require continued efforts on the part of an adjuster to confirm what benefits may be considered payments for loss of income, and subsequently, what will be deductible as other income replacement assistance. Payments for loss of income which are deductible from an IRB […]