I have been receiving LTD payments through Canada life, but am at the point where it makes more sense for me to qualify for PWD designation as my disability is now permanent. considering the PWD assistance would only be about half of my LTD assistance, how would this affect my LTD through Canada life if I was approved for PWD and what should I be financially aware of?

Your LTD policy will list which other benefits the insurer gets to deduct/offset. Each policy is different, so check your specific policy to see if PWD is listed (or if a more general/catch-all term may capture it).

That said, if you are approved for PWD, or any other government benefit, you should advise your PWD case manager that you are approved for LTD, to make sure that they too are not going to try to claim a deduction in the other direction.

You should also consider applying for the Disability Tax Credit, as some LTD policies, and some government benefits, are taxable.