Tuesday, January 13, 2015

ICBC Tip-of-the-Month (January 2015): Top 10 Mistakes (#1)


Mistake #1: You agree with ICBC to an excessive reduction of your wage loss claim from gross to net

ICBC will often claim that they are entitled to reduce your income loss claim by 30% to arrive at a net figure.  This deduction should usually be much less.  

WHY?  The deduction depends on what tax bracket you would have otherwise fit into for that particular tax year. 30% is close to the highest tax bracket.  

TIP: Agree to only a small deduction for income tax and EI premiums. Always feel free to consult with an experienced personal injury lawyer, as this is often more complex. 

Similar question and previous post: is my settlement taxable?.

Do you have questions about your ICBC personal injury claim or accident?  If so, click here arrange your free consultation with  ICBC Claims Lawyer Perminder S. Tung (Services provided for ICBC injury claims throughout all of BC: Vancouver, Surrey, Langley, Burnaby, Richmond, Abbotsford, Chilliwack, Tri-city area and all over BC)

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