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.,
Money Talk
SEPTEMBER 12, 2024
If the husband dies first, the wife is left with $1,250 (50% of husband’s pension), $800-wife’s pension, and $2,000 (highest Social Security) for income of $4,050 ($48,600 annually). This is a 40% “haircut,” which some couples cover with spousal gifts, annuities, and/or life insurance.
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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.
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.
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