<Self-employment income to be recognized under s. 4(5) of the Schedules> -With regards to the claimant’s self-employment, the insurer could claim that if the claimant’s self-employment income was received in cash, it cannot be used in the IRB calculation because his income is supposed to have an HST number under the Income Tax Act. -Section … Read More
<Calculation of the self-employment income> – $150,000.00 (gross annual employment income during the last fiscal year) – less $50,000 (loss from self-employment to be subtracted = $100,000.00 Multiply by 70% equals $70,000.00 (our client earned no post-accident income.) This amount is then divided by 52 weeks to come to a weekly income replacement benefit of … Read More
The claimant was earning the annual income of $150,000.00 during the last fiscal year before the subject motor vehicle accident. $150,000.00 (gross employment income –> a self-employed person may designate his gross employment income from the last fiscal year of the business that ended before the accident as his “gross annual employment income.”) – … Read More
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