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The Supreme Court of Canada ruled in the case of Vasiliki Tsiaprailis v. Her Majesty the Queen that a lump sum settlement from an insurance company that represents disability benefits that would have been taxable for Canadian income taxation purposes when received remains taxable when received as a lump sum.

Disclaimer:

"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."

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