Question: Is money received under the dismemberment section of life insurance taxable in Ontario, Canada?
If one received a lump sum for a dismemberment such as loss of certain fingers etc...from an insurance company, is that money taxable, or does the person get to keep the whole amount?
Answer: almost all insurance benefits are paid out tax free, unless this under an group insurance policy set up by your work. In that case if it's a taxable benefit, then the payout could be taxed as well. If it's an individually owned policy then you don't get taxed
BMO Financial Group Delivers Strong Second Quarter Results, Earning $745 Million of Net Income
TORONTO, ONTARIO--(Marketwire - May 26, 2010) - BMO Bank of Montreal (TSX:BMO)(NYSE:BMO) and BMO Financial Group - /