Frequently Asked Questions

Q. Do we need an Advanced Income Tax Ruling on every Structured Settlement purchased?

A. Because Structures are more widely used and understood, it is not imperative that a Tax Ruling be utilized each time. We suggest that on Structured cases over $2 million, it is considered simply for the claimant’s peace of mind.

Q. Can a plaintiff decide to get involved in a Structured Settlement after the settlement funds/awards are allocated to them?

A. The simple answer to this question is NO. A Structured Settlement can only be retained at the time of the settlement. Once the claimant receives any portion of the proceeds, any chance of entering into this annuity plan is void.

Q. As a plaintiff, do I have to be in agreement for the Property and Casualty Insurer to assign their ownership?

A. All parties have to agree to the Property and Casualty Insurer assigning their ownership away to an Assignment Company. This means that the claimant, the P&C Insurer and the new owner of the annuity contract must sign an Assignment and Assumption Agreement and Release.

Q. Where do I get the closing documentation for a Structured Settlement?

A. Our firm will provide you with all of the necessary closing documents that meet the requirements of Canada Customs and Revenue Agency’s Taxation department for the tax-free status of the payments. We will also review your draft documents and provide our Corporate Guarantee to ensure that everything is completed correct.