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News

January 14, 2015

CRA Guidelines for the Taxation of Disability Benefits

TAX LAW

The Canada Revenue Agency (CRA) now requires that taxes be withheld on disability benefits in cases where the employer pays all or part of the premium. Starting January 2015 if the employer pays all or part of the premium, taxes will be deducted on disability benefits paid to employees. In the long run, the insured … + Read More

December 1, 2013

Tax Changes for 2013

TAX LAW

AD&D and Critical Illness Coverage The 2012 Federal Budget introduced legislation which will result in a taxable benefit to employees for certain employer-paid premiums under group insurance plans. This change will treat Accidental Death and Dismemberment (AD&D) and Critical Illness premium on the same basis as employer-paid group Life insurance and Dependent Life premium. Effective … + Read More