TOP 10 MISTAKES TO AVOID WHEN MAKING AN ICBC CLAIM
Mistake #2: You agree with ICBC to an excessive reduction of your wage loss claim from Gross to Net
If you missed time from work due to your injuries, you likely have a wage loss claim. Depending on the kind of work you do, this can be simple or complicated. For example, a salaried employee vs. an hourly employee vs. self-employed business owner or professional.
In a basic situation, 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.
In a basic situation, 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.
ADVICE:
1) Consider what bracket you actually fall into. Here is a link to the CRA site that will help: click here.
2) Discuss the deduction rate that the ICBC adjuster is applying to your situation and how they arrived at their figure.
3) Take an initial free consultation with an experienced personal injury lawyer, as this is often more complex.
Similar question and previous post: is my settlement taxable?
1) Consider what bracket you actually fall into. Here is a link to the CRA site that will help: click here.
2) Discuss the deduction rate that the ICBC adjuster is applying to your situation and how they arrived at their figure.
3) Take an initial free consultation with an experienced personal injury lawyer, as this is often more complex.
Partner
Lindsay Kenney LLP
778-289-9513
ptung@lklaw.ca
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)
settlement, ICBC, lawyer, personal, injury, claims, trial, experience, pain, suffering, adjuster, compensation, wage, loss, cases, assessment, award, insurance, corporation, of, british, columbia, capacity, earnings, surrey, langley, lklaw, perminder, tung, punjabi, indian, white, rock, south, chilliwack, vancouver, port, moody, coquitlam, best, settlement, icbc, injury, claims, new, westminster, court, win
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)
settlement, ICBC, lawyer, personal, injury, claims, trial, experience, pain, suffering, adjuster, compensation, wage, loss, cases, assessment, award, insurance, corporation, of, british, columbia, capacity, earnings, surrey, langley, lklaw, perminder, tung, punjabi, indian, white, rock, south, chilliwack, vancouver, port, moody, coquitlam, best, settlement, icbc, injury, claims, new, westminster, court, win
No comments:
Post a Comment