CANADAVISA.com Immigration Forum
May 29, 2012, 06:26:14 pm
   Home   Assessment Help Search Login Register RSS  
*
Welcome, Guest. Please login or register.
Did you miss your activation email?

 News
 
Canada Immigration Forum > Working in Canada Topics > Canadian Finance and Taxation > Topic: Will I have to pay Canadian tax on a US insurance settlement?
Pages: [1]   Go Down
« previous next »
  Print  
Author Topic: Will I have to pay Canadian tax on a US insurance settlement?  (Read 799 times)
AllisonVSC
Champion Member
******

Posts: 1442
Ratings: +57
Category........: FAM
Visa Office......: Buffalo - Conjugal Partner
App. Filed.......: 11-08-2009
Interview........: waived
VISA ISSUED...: 04-11-2009
LANDED..........: 04-11-2009
« on: October 03, 2011, 12:57:42 pm »
Back in June I was a passenger in a motor vehicle accident in the United States. I will be receiving an insurance settlement to cover my medical expenses plus "pain and suffering." In the US this settlement payment is not taxable, but I'm not sure what my obligation is under Canadian tax law. Any thoughts? Thanks.
Logged
toby
Champion Member
******

Posts: 1649
Ratings: +85
Category........: FAM
Visa Office......: Hong Kong
App. Filed.......: November 2009
Med's Done....: October 2009 and  15 April 2011
Interview........: 4 April 2011
Passport Req..: 4 April 2011
VISA ISSUED...: 7 July 2011
LANDED..........: 15 July 2011
« Reply #1 on: October 03, 2011, 07:54:36 pm »
Insurance settlements are not taxable in Canada either.
Logged
Nov 09 Application to Mississauga
Nov 09 Approved; sent to Hong Kong.
Interview April 4, 2011 (so slow!!). Passed.
15 April 2011 New medical done.
7 July 2011  COPR received.
15 July 2011 landed in Vancouver. At last.
Jonboy
Star Member
****

Posts: 94
Ratings: +4
LANDED..........: 29-07-1999
« Reply #2 on: October 03, 2011, 08:42:35 pm »
Just to add that if you have claimed a tax credit for medical costs that have now been reimbursed you should file a T1 adjustment for those years.  If you remmeber of course.
Logged
AllisonVSC
Champion Member
******

Posts: 1442
Ratings: +57
Category........: FAM
Visa Office......: Buffalo - Conjugal Partner
App. Filed.......: 11-08-2009
Interview........: waived
VISA ISSUED...: 04-11-2009
LANDED..........: 04-11-2009
« Reply #3 on: October 05, 2011, 02:51:49 pm »
Quote from: Jonboy on October 03, 2011, 08:42:35 pm
Just to add that if you have claimed a tax credit for medical costs that have now been reimbursed you should file a T1 adjustment for those years.  If you remmeber of course.

It just happened in June 2011 and I had no medical expenses in Canada, so I guess I don't have to worry about that. Thanks guys.
Logged
Pages: [1]   Go Up
  Print  
Canada Immigration Forum > Working in Canada Topics > Canadian Finance and Taxation > Topic: Will I have to pay Canadian tax on a US insurance settlement?
 « previous next »
 
Jump to:  

Powered by SMF 1.1.10 | SMF © 2006-2009, Simple Machines LLC