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LTD and secod home

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Re: LTD and secod home

Post by AirLog on Tue 06 Mar 2018, 17:10

I also agree on what is said/recommended here. I asked this specific question to VAC with respect to my ELB being offset by investment income or LTD (private insurance). For your ELB won't be offset by LTD if your LTD is paid 100% by the employee. As is my case so my ELB was adjusted and back dated to when it was started. As for investments as long as you are not a registered professional (licensed to buy/sell stocks) then this income won't be used to offset your ELB. Rental income is in the same category. The following is my question to VAC on this subject and their response.

VAC,
I have a general question on Earnings Loss Benefit. I am currently
in receipt of (T) Earnings Loss Benefit. I am contemplating
on going back to school to learn how to understand and invest
in the stock market. This will, hopefully, allow me to supplement
my household income.

While reading the Veterans Affairs Earnings Loss Program Policy,
I reviewed the policy on "Earnings Loss Benefit - Determination
of Variable "B": Amounts from Prescribed Sources." In this policy,
it excludes investment income as a prescribed source unless it
is determined by CRA that such income qualifies as being earnings
from employment or self-employment.

Although I haven't started my formal training on how to invest
nor make any personal investment income, I would like to know,
in advance, when I start to slowly start to invest, do I have
to notify VAC at the end of the calendar year of any personal
investment income that I may have made in the previous calendar
year?

Simply attempting to be transparent and determine what income
to report to VAC. Also, will I need to provide you with my Notice
of Assessment from CRA when reporting my annul income for Earnings
Loss Benefits purposes?

Thanks.

Thank you for your inquiry regarding your Earning Loss benefits.

I have reviewed the information you have provided and as you
state the policy on "Earnings Loss Benefit - Determination of
Variable "B": Amounts from Prescribed Sources states that it
excludes investment income as a prescribed source unless it is
determined by CRA that such income qualifies as being earnings
from employment or self-employment. Based on the information
you provide, this income would not be from employment or self-employment
and therefore would not be considered for Earnings Loss benefits.
Therefore, you would not be required to advise us of any income
that you receive through this means.

If you have any further questions or concerns, please do not
hesitate to contact us via My VAC Account or our toll free number
1-866-522-2122.

Thank you for your inquiry regarding your Earning Loss benefits
and the Long Term Disability (LTD) income that you are currently
receiving. If the LTD income that you receive is as a result
of an LTD plan that was solely funded by employee contributions
we would not consider this as an income offset for Earnings Loss
Benefits (ELB) purposes. In order to recalculate your ELB payments
we would require a letter from your employer advising that your
LTD is from a plan solely funded by employee contributions. Once
received, we will recalculate your ELB and advise you of the
outcome.

If you have any further questions or concerns, please do not
hesitate to contact us via My VAC Account or our toll free number
1-866-522-2122.

AirLog
CSAT Member

Number of posts : 67
Location : Edmonton
Registration date : 2017-11-19

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Re: LTD and secod home

Post by Nemo on Tue 06 Mar 2018, 13:00

Bigrex is right. SISIP and VAC also don't consider any investments you have that give you money. You could be raking in 10K per month in investment income and that would not have to be revealed to SISIP or VAC as it is not considered as deductible from their benefits. Or if you inherit a million dollars tomorrow (like someone I know), that is also not considered and you don't have to reveal that to VAC or SISIP. Same goes for lottery winnings.
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Nemo
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Re: LTD and secod home

Post by propat on Sun 04 Mar 2018, 18:09

I don't mind confirming what bigrex said as it is correct . I confirm . just a question into why you are asking . is this an income property ?

propat

propat
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Re: LTD and secod home

Post by airforce26 on Sat 03 Mar 2018, 20:29

So to confirm If i purchase a home tomorrow without speaking with my case manager I wont be deducted off of my monthly payment ?

airforce26
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Number of posts : 2
Location : Ontario
Registration date : 2018-03-03

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Re: LTD and secod home

Post by bigrex on Sat 03 Mar 2018, 20:24

no, according to the SISIP policy, the only income that has to be declared, is actual income from employment, your CF pension, and CPP (D). So say if you were medically released from the CF for PTSD, and in the course of a second job, you injured your back and went on workers compensation, that money would not have to be declared to SISIP.

I posted the actual deduction list a couple of weeks ago, so I'll dig it up and add it to this post.

24. Other Relevant Sources of Income

a. The monthly benefit payable at Section 23 shall be reduced by the sum of:

(i) the monthly income benefits payable to the member under the Canadian Forces
Superannuation Act; and
(ii) the Primary monthly income benefits payable to the member under the Canada or
Quebec Pension Plans (including retroactive payments covering the period during
which such benefits were prefunded under this Division 2); and
(iii) the employment income of the member unless the member is participating in a
rehabilitation program approved by the Insurer in which case the monthly benefit
will be reduced in accordance with Section 28; and
(iv) the total monthly income benefits payable to the member under the Pension Act
(including dependant benefits and retroactive payments covering the period
during which such benefits were prefunded under this Division 2).

b. For the purposes of Section 24.a., any cost of living increases in the monthly income
benefits from the sources indicated shall not be considered relevant to the monthly income benefit
payable under the Policy.


Last edited by bigrex on Sat 03 Mar 2018, 20:45; edited 1 time in total
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LTD and secod home

Post by airforce26 on Sat 03 Mar 2018, 18:02

Good day everybody I have a chronic Illness which I am degenerating , I am currently on LTD I just have a question. How does it work if My wife and I want to get a second home. Do i have to declare that as income ? will my monthly LTD Payment decrease. I hope somebody can help me.

Thank you

I appreciate this site and everybody who has served and is currently serving.

airforce26
CSAT Member

Number of posts : 2
Location : Ontario
Registration date : 2018-03-03

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