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Insurers Shouldn't Profit Excessively from Canada Disability Benefit Written By: M. Steve Rastin, Senior Counsel At long last, the federal government is moving forward with the Canada Disability Benefit which was promised in 2020. In theory, the benefit, which is intended to enhance the lives of Canadians by reducing disability-related poverty, is an excellent concept. Still, it requires safeguards to ensure it does not create an unintended and undeserved windfall for insurance companies. There is a direct correlation between being disabled and living in poverty for many in Canada and many have been waiting for years for Bill C-22 to come into effect. But there is a potentially unforeseen consequence related to the current wording of the legislation that must be addressed. There is concern it could be possible for long-term disability (LTD) insurance carriers to deduct or offset the benefit from any payments provided to an insured person. If that happens, multi-billion insurance companies will benefit while those living in disability-related poverty will continue to struggle. Without implementing the proper mechanisms, the CDB could potentially become just another corporate handout and Canadian taxpayers could end up indirectly subsidizing private insurance providers...