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In 2019 I recieved a wcb settlement and repayed my LTD provider for the overpayment the settlement created. My LTD provider then issued me a letter to claim a deduction on line 22900 but as my tax deductible was already at $0 the full amount ($29,726.44) resulted in nothing but a non-capital loss which the CRA calculated as $8771 but since the CRA didn't accept and apply the deduction until 2023 I have been unable to recover anything from the pre 2019 years that I actually reimbursed Canada Life for. How does this make any sense? Like isn't that the taxes I paid on the money I reimbursed them
Unfortunately, this is actually a question for a tax lawyer (or your accountant), rather than an LTD/insurance lawyer.
If you are ever cut-off LTD in the future though (hopefully not!), please let us know.
Good luck.
If you are ever cut-off LTD in the future though (hopefully not!), please let us know.
Good luck.