Income Replacement Benefits – Self-Employed
31 October, 2018
Sheri Gallant, Amanda Henderson
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Background
Our firm was retained by an insurance company to prepare a calculation of income replacement benefits owing under the Statutory Accident Benefits Schedule as a result of a motor vehicle accident (“MVA”).
How MDD Helped
Our role was to quantify the income replacement benefits owing to the claimant as a result of being off work from a self-employment business following the MVA. Our responsibilities included identifying and requesting the relevant accounting documents (claimant’s tax returns, bank statements, GST/HST Remittances), determining income earned in the last fiscal year end and 52 weeks prior to the MVA as well as the period following the MVA including consideration of replacement worker expenses, comparing the pre-loss weekly income to the post loss weekly income and applying the appropriate legislated rate to determine the economic impact to the claimant.
Results
We prepared an expert report in which we quantified the claimant’s self-employment losses.
The statements or comments contained within this article are based on the author’s own knowledge and experience and do not necessarily represent those of the firm, other partners, our clients, or other business partners.
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