ICBC Injury Settlement
Money paid for personal injury from a car accident is not taxable. However, money paid for income loss from a car accident may be taxable depending on whether it was paid on a net or gross basis. Under the Insurance (Vehicle) Act, ICBC is only obligated to pay past wage loss on a “net” basis. Therefore, any money paid by ICBC for income loss as a result of personal injury from a car accident would not be taxable. Whether some other part of your ICBC injury settlement is taxable depends on why it was paid. You should get the advice of an accountant or experienced personal injury lawyer to find out what part, if any, of your ICBC settlement would be taxable.
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At Metrotown Law Group we only represent injured people. Once we are retained, we revoke any authorizations ICBC has so it cannot obtain any medical records without going through us first. We also communicate with ICBC for you and provide a safe and confidential sounding board for you to discuss things about your personal injury claim without worrying that the things you say can be used by ICBC against you. Consultations are free and have no obligation. Don’t make any decisions regarding your ICBC personal injury claim without talking to Metrotown Law Group first
Metrotown Law Group offers risk-free, contingency billing for car accident claims. This means our legal fee will be a percentage of your personal injury settlement or judgment and is not payable until you get your money from ICBC. In the event you recover nothing for your case, you will owe us nothing. We can guarantee this because with nearly 20 years of combined experience, and over thousands of car accident cases, Metrotown Law Group has never failed to get fair compensation for a client with an ICBC injury claim
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Metrotown Law Group
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Car Accident Lawyer
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