Income Replacement Benefits and Statutory Accident Benefits Seminar
This seminar ranges from 1.5 to 3 hours, depending on the questions and time taken for the case studies. Presentation and discussion of the following issues:
- The difference between employment versus self-employment and key indicators to determine if claimants are employed or self-employed
- View of different types of self-employment and the type of information that can be obtained
- How to easily obtain information from an income statement
- Red flags to identify problem claims and a short case study on how to quickly estimate gross annual income from a self-employed person’s tax return
- General guidelines to identify potential WSIB claims vs. IRB claims
- Statements Under Oath – Section 33 requirements
- Discussion of post-accident income/losses from self-employment
- What is considered a reasonable expense?
- Case law – summary of related FSCO/Court Decisions
- The purpose of the Income Replacement Benefit
- The role of Forensic Accountants in IRB calculations
- The history of Income Replacement Benefits and why they are not taxable
- Conceptually understanding how Income Replacement Benefits are calculated for both the employed and self-employed
- Case study on how to determine an employed person’s gross annual income for purposes of determining the IRB.
Questions are encouraged throughout the presentation. All slides will be part of a handout, as well as additional handouts that serve as examples during the seminar.
We ask that any questions people may have prior to the seminar, be emailed to our office so that we may prepare a handout for all attendees. Additional topics can be added upon request.