Ostroff, Fair and Company
*Ostroff, Fair and Company>>>Canada Taxes

Is there taxes on WCB Pension payouts?


I just received a Disablity Pension from Workers Compensaion Board in the form of a lump sum of $14,000.00. Is there any provincial and federal taxes on this money?

yes, its taxable

because WCB preimum payment is from your employer, you did not contribute anything. Since the payment from employer is tax deductible. Therefore, no tax has been pay on those premium, therefore, the lumpsum that you receive is subject to tax.
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