FAQ Group: Benefits & Taxes

How do I know if I have enough LTD coverage? by Patricia Santucci

If you have group coverage through your employer, you should obtain your benefits booklet and ask your office manager (or whomever is in charge of your benefits) to walk you through the LTD coverage. If your plan is a private one, you should contact your broker to explain your coverage. Hopefully you will have coverage […]

Why is it important to know whether or not my long-term disability is taxable or non taxable? by Patricia Santucci

It is important to know whether your long-term disability benefit is taxable or non taxable because it makes a significant difference with respect to the amount of your benefit. For example, if you earned $40,000 per year (or $3,333 per month) your yearly take home pay will be in or around $31,600. This means that […]

Will I have to pay taxes on any settlement or judgment? by Patricia Santucci

Whether your disability benefits are taxable or non-taxable is an important consideration. Generally speaking, if through your employment you have paid the premium associated with having disability benefits, the benefits will usually be non-taxable in your hands. If your employer has paid a portion of the long-term disability premium or the entire long-term disability premium […]