| Understanding a death benefit paid from an employer |
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Death benefit termination payments are employment termination payments (ETPs) you receive from another person's employer after the death of that person. How will your death benefit termination payment be taxed? The payment may be divided into a tax-free and a taxable component. The tax-free component of a death benefit is not subject to tax. The way the taxable component (the total death benefit amount minus the tax-free component) is taxed depends on whether or not you are a dependant of the deceased. Are you a dependant of the deceased? You are a dependant of the deceased if, at the time of their death, you were one of the following:
You are not a dependant for the purposes of receiving a death benefit if you do not fall into any of the above categories.
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