Do I Have to Pay Income Taxes on My ICBC Injury Claim Settlement?

Written by admin on . Posted in ICBC Wage Loss, Settlement Law, Uncategorized.


Well folks, it’s that time of year again, tax time.  Time to figure out how much we’ve all earned and make sure that we pay the Government their cut.
If you settled a tort claim from a BC motor vehicle collision do you have to pay income taxes on the amount?  The short answer is no.
Generally a personal injury settlement covers a lot of areas which are not taxable, for example money for pain and suffering and loss of enjoyment of life, past medical expenses, future medical expenses. and so on. Oftentimes a settlement also includes money for past/future wage loss (also known as awards for diminished capacity).  You would think this portion of a settlement would be taxable but it is not.  The reason being that there is a restriction limiting past wage loss awards from BC motor vehicle accident tort claims to “net income”.  This restriction is set out in s.98 of the Insurance (Vehicle) Act which reads as follows:


You can click here to read more about the net income tax restriction for past wage loss awards in bc motor vehicle accident litigation.  As a result of s. 98 the amount of tax payable is already deducted before judgement/settlement making the money non-taxable.

are icbc claim settlements taxable, bc motor vehicle accident claims, net income awards, past wage loss, section 98 insurance (vehicle) act, tax consequences and bc motor vehicle accident tort cla

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Contact

If you would like further information or require assistance, please get in touch.

ERIK
MAGRAKEN

Personal Injury Lawyer

When not writing the BC Injury Law Blog, Erik is the managing partner at MacIsaac & Company, based in Victoria, B.C. He is also involved with combative sports regulatory issues and authors the Combat Sports Law Blog.

“Work hard, be kind and enjoy the ride!”
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