DISABILITY INCOME

GOVERNMENT DISABILITY INCOME

• All tax slips from both governments (where applicable)
  • You receive these slips from the government for your income tax declaration
• Federal income tax report for the last two fiscal years
• Three months bank statements
  • To confirm current payments​​
• ​Provide the letter annually received from the government that shows the determined amounts payable for the current year.

• Provide the tax slips you receive from the private pensions.
• Three months bank statements
  • To confirm current payments​​
• Provide the letter annually received from the insurer that shows the determined amounts payable for the current year.

• Income received from the government is usually taxable
• Income received from a private disability plan is non-taxable
  • Whether you own a personal disability plan or if it's part of a group disability plan at work, the premiums are paid with your after-tax funds and are non-taxable
    • In some cases, we can gross up the disability income by 15% to 25% percent - it varies among the different lenders

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