No, ICBC claims are not taxable. When you receive a settlement from ICBC, even if it contains past wage loss, you don’t have to pay for taxes. In case you are receiving ICBC Part 7 disability compensation, you don’t have to pay for taxes either. This is because ICBC calculates any lost wages attributable to the car accident they reduce the amount owing bases on the total amount of taxes you would have paid.
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