Words and Phrases - "insurance"
Watts v. The Queen, 2004 DTC 3111, 2004 TCC 535 (Informal Procedure)
Periodic disability payments received by the taxpayer under the Canada Pension Plan were not received in respect of a "disability insurance plan" and instead were taxable under s. 56(1)(a). Bowman, ACJ stated (at para. 18):
"Insurance is essentially a contractual arrangement between an insured and an insurer and involves an obligation by an insurer, upon payment of premiums, to pay an amount upon an event whose recurrence is in a certain period."
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|Tax Topics - Income Tax Act - Section 118.94||37|
|Tax Topics - Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(f)||71|