Looking for a plan?   1 877-277-0677
Current Plan participant?   1 800-665-3365

Benefit Facts

Disability Benefits Don’t Have to be Taxing

If you became disabled through illness or injury, would you be able to survive financially? Would your personal savings provide sufficient resources to pay for items like food, rent, and everyday expenses?

If you’re like most Canadians, your savings would not maintain your standard of living for very long. And even though the federal government provides disability benefits through the Canada Pension Plan (CPP), the average payment is just under $800.00 a month. That’s probably not enough to live on, especially if you have dependents. Consequently, an illness or injury could cause a catastrophic financial impact on your life, in addition to the emotional and physical effects you may suffer.

The Chambers of Commerce Group Insurance Plan offers a Long Term Disability (LTD) benefit that provides 24 hour coverage for you and your employees. An income is paid to employees who face lengthy absences from work due to an injury or illness.

If your firm offers LTD benefits, or you are considering adding it to your plan, you should think about tax consequences. If you, the employer, pay any part of the LTD premium, the employee will be expected to pay tax on LTD benefits they receive. As a result, most firms arrange to have employees pay the premium. If you choose this option, make sure your employees are aware that the reason they are paying the full cost for this benefit is to protect them from taxes if they need to use it.

LTD is a benefit many people are not aware of until they need to use it. So take a few moments to review your benefit package and protect your firm, today and in the future.

Pin It

From Our Small Business Blog

Guide to Eating Well at Work

The workweek is hectic for most and in the mad scramble to keep up with life’s dizzying pace, finding time to prepare healthy meals and snacks can be challenging. And even if you do carve out time to

18 Apr, 17

Spring Forward! Tips to help you spring clean your business

Like most Canadians, you probably celebrate the arrival of spring by sweeping away the remnants of that last winter snowstorm. If you’re a small business owner, make sure that spring cleaning your bus

11 Apr, 17

Subscribe to our Small Business Tips newsletter

Call Us Toll Free 1 877-277-0677

© Chambers of Commerce Group Insurance Plan 2012

Website Built by Tiko Digital