What Are Collateral Benefits?
- Compensatory Damages and Double Recovery. At a basic level, all benefits are compensatory in that they try to place this...
- Deductibles. Deductibles exist to avoid over-compensation from multiple benefit streams that result in double recovery.
- Approaches for Deducting Collateral Benefits. The recent Ontario Court of Appeal decision, Cadieux...
What are the different types of collateral benefits?
What Are Collateral Benefits? 1 Compensatory Damages and Double Recovery. At a basic level, all benefits are compensatory in that they try to place this plaintiff in the financial position they would have been in ... 2 Deductibles. ... 3 Approaches for Deducting Collateral Benefits. ... 4 Avoiding Deductions. ...
What is collateral benefit in amalgamation?
Collateral Benefit means any benefit that a related party to any of the Amalgamating Companies may receive, directly or indirectly, as a consequence of the Amalgamation, that will not be received by shareholders generally.
What are collateral benefits in a workers’ compensation case?
Collateral Benefits means benefits that are paid by any source, including workers ’ compensation benefits, to or on behalf of the plaintiff as a result of an injury or loss to person or property, regardless of whether there is an obligation to pay back the money or other benefits, in whole or in part, upon recovery in a tort action.
What are collateral benefits in an auto accident case?
Collateral Benefits – Income Loss and Loss of Earning Capacity In an action for loss or damage from bodily injury or death arising directly or indirectly from the use or operation of an automobile, the damages to which a plaintiff is entitled for income loss and loss of earning capacity shall be reduced by the following amounts: 1.
What is the meaning of collateral benefit?
1.3 A collateral benefit is a payment or benefit in kind (other than the tort damages being claimed) which the tort victim would not have received but for the tort.
What are collateral benefits Ontario?
all payments that the plaintiff has received before trial for statutory accident benefits in respect to pecuniary loss other than income loss, loss of earning capacity and expenses for health care.
Are CPP disability benefits deductible?
The Supreme Court of Canada has consistently held that CPP disability benefits are not deductible from an award of damages: Canadian Pacific Ltd v.
Is CPP disability deductible from income replacement benefits?
On the other hand, payments for Canada Pension Plan disability benefits, and short- and long-term disability benefits that are received by the insured are deductible from income replacement benefits (IRBs) under the SABS.
Examples of Collateral Benefit in a sentence
Collateral Benefit of COVID-19 Control Measures on Influenza Activity, Taiwan.
More Definitions of Collateral Benefit
Collateral Benefit means any benefit that a related party of the issuer is entitled to receive, directly or indirectly, as a consequence of the transaction or bid, including, without limitation, an increase in salary, a lump sum payment, a payment for surrendering securities, or an enhancement in benefits related to past or future services as an employee, director or consultant of the issuer or of another person, regardless of the existence of any offsetting costs to the related party or whether the benefit is provided, or agreed to, by the issuer, another party to the transaction or the Offeror in the bid, but “ collateral benefits ” do not include certain types of benefits which, as a matter of policy, are not considered to be objectionable, such as de minimus employment, directorship or consultancy related benefits.
Examples of Collateral Benefits in a sentence
All Collateral Benefits shall accrue to the sole benefit of Escrow Agent and Escrow Agent shall have no obligation to account to the parties to this Escrow for the value of any such Collateral Benefits.
More Definitions of Collateral Benefits
Collateral Benefits means benefits that are paid by any source, including workers ' compensation ben- efits, to or on behalf of the plaintiff as a result of an injury or loss to person or property, regardless of whether there is an obligation to pay back the money or other benefits, in whole or in part, upon recovery in a tort action.
Collateral Benefits
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What is statutory accident benefits?
1. All payments in respect of the incident that the plaintiff has received or that were available before the trial of the action for statutory accident benefits in respect of the income loss and loss of earning capacity. 2.
What is income continuation benefit plan?
2. All payments in respect of the incident that the plaintiff has received or that were available before the trial of the action for income loss or loss of earning capacity under the laws of any jurisdiction or under an income continuation benefit plan. 3.
Can an injured person recover damages at trial?
As an example, if an injured person is unable to work but continues to receive a full salary from his or her employer that injured person cannot recover damages at trial for past income loss against a negligent tortfeasor since this would result in the plaintiff receiving double recovery.
Is social assistance deductible?
The Supreme Court of Canada in M.B. v. British Columbia8 determined that social assistance benefits are a form of wage replacement and that they are deductible at common law from a tort award for income loss to prevent double recovery. This case reversed the previously held view that welfare benefits were gratuitous and not deductible from a plaintiff’s damages.
