LLQP Accident & Sickness Practice Questions - LLQP Accident And Sickness Insurance Module (Life Licence Qualification Program, Canada) Exam

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An individual disability income policy's premiums are paid personally by the insured with after-tax dollars. How are the disability benefits treated for tax purposes?

Fully taxable as employment income Received tax-free Taxable only above a CRA threshold Taxed at a flat 15% withholding rate

Correct Answer:

Received tax-free

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