Claiming for Income Replacement Benefits – What You Need to Know
#AskTaniaFleming
The Income Replacement Benefit (IRB) is for people who have been employed prior to being injured in an accident. The IRB is designed to provide payments every two weeks to partially replace a loss of income. Tania Fleming provides more information on qualifications, requirements and benefits compensation:
Disability Test
- Up to 104 weeks, the test is do you suffer a substantial inability to preform your pre-accident employment.
- After 104 weeks, the test changes to complete inability to engage in any employment for which he/she is reasonably suited by education, training or experience.
Do you qualify?
- Were you employed and working at the time of the accident.
- Were you self-employed.
- Had you worked 26 out of 52 weeks prior to the accident.
- Were you receiving EI benefits at the time of the accident.
How much is payable?
- Nothing is payable the first 7 days post disability as this is a waiting period.
- Calculation is made based on 70% of your pre-accident income to a maximum of $400 per week.
- Optional benefits are available to be purchased but must be done so prior to the accident. Benefit can be increased to $600, $800 or $1000 per week.
- If you have short term or long term disability, sick benefits or sick days, these benefits must be utilized and exhausted prior to the insurer calculating payment.
| Self-Employed – What is Required?Insurer will always assign an accountant to calculate the pre-accident income and post-accident income if any has been received.Election can be made to base the calculation on the last Fiscal year or the last 52 weeks prior to the accident.Claimants will be required to submit documents such as complete income tax returns, notice of assessment, details of any GST remittances, details of any company expenses or write offs, statement of business activities, copies of all pay stubs. |