STD and LTD Wage Loss Replacement Plans (WLRPs), which insures employees against loss of employment income following disability, accidents, or sickness, are generally subject to tax when the employer is the one making contributions and are to be reported on line 104 of your T1. The changes impacted the method of calculating taxable disability benefits for both STD (short-term disability) and LTD (long-term disability) plans. In 2015, the CRA (Canada Revenue Agency) updated its disability benefit tax withholding requirements. From January 2015, CRA requirements are now that STD and LTD payments have to be taxed at the time the payments are issued.Īre Long Term Disability Benefits Taxable This meant income tax was not deducted during issuance of STD or LTD payments. Traditionally, STD and LTD benefits would be taxed when you file your annual income tax returns. ![]() Michael Ferrante Accident Benefits Manager.
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