Service – Existing Structured Settlements

For service regarding an existing structure, please contact our Client Services Department at:

Toll-Free 1.800.265.8381 Fax 519.836.7631 or

e-mail us at clientservices@mckellar.com or

Click on our Contact Form.

Existing Structure FAQs

Q.Can I change my beneficiaries?

It depends how your structured settlement was originally set up. For more information, please feel free to contact us by telephone at 1.800.265.8381 or by e-mail at clientservices@mckellar.com.

Q.Can I change or cash in my structure? Can I get a cash advance?

No - Once the structured settlement has been put into place, it cannot be modified in any way. This is required by CRA in order for you to receive your payments tax free. Structured settlements are non-assignable (cannot be used as collateral), non-commutable (cannot be cashed in), and non-transferable (cannot be sold). You have the right to receive the payments as originally designed.

If you are seeking a loan from a bank or other financial institution to assist with a large purchase (such as a home or car, etc.), we can provide you with a letter that confirms the payments that you receive from your structured settlement.

Q.Can my structure payments be garnished by the Courts or from the Family Responsibility Office?

It is our experience that some life insurance companies issuing payments will comply and redirect funds in accordance with Garnishment Orders.

Q.Do I have to report my structure payments on my tax return?

No - Canada Revenue Agency does not view structured settlement payments as income and therefore they do not have to be reported on your tax return. Structured settlement payments are completely tax free.

Q.I am changing bank accounts. What do I need to do?

Please forward to us, by fax, e-mail or regular mail, a void cheque (the correct account holder's name(s) must be embossed in the top left corner) along with your phone number. Once we receive the void cheque, one of our Client Services Co-ordinators will contact you. If you do not have cheques for the account, you can ask the bank to fax us a direct deposit form (signed by you and a bank representative) or call us at 1.800.265.8381 for more information.

In order to ensure uninterrupted receipt of your payments, we should receive your new banking information at least 3 weeks prior to the date of your next payment. Please do not close your old account until you have received your first payment in the new account.

Q.I am moving. What do I need to do?

Please notify us of your new address by sending a change of address form to clientservices@mckellar.com, or by fax to 519.836.7631. Alternatively, phone us at 1.800.265.8381. If you receive your payments by mail, we need 3-4 weeks notice to ensure there is no interruption in your payments.

Q.My structure payments (or my child's) will not be starting for a number of years. What do I need to do?

Please notify us if you move or change banks. Please contact us a few months prior to the start of the payments at 1.800.265.8381.

Q.What happens to my structure payments when I die?

It depends how your structured settlement was originally set up. For more information, please feel free to contact us by telephone at 1.800.265.8381 or by e-mail at clientservices@mckellar.com.

Q.What kind of client service can I expect from McKellar?

Our Client Services Department provides the following services:

Answering questions about existing structured settlements;

Advising the life insurers of changes of address, banking or beneficiary information;

Preparing confirmation of payment letters to assist a claimant in obtaining a mortgage or a loan; and

After death, facilitating the smooth transition of any remaining guaranteed payments to the appropriate beneficiary.

Q.When will I get my direct deposit if the payment date falls on a weekend or on a statutory holiday?

This depends on the practice of your bank. In our experience, most payments are deposited, at the latest, by the end of the first business day after the weekend or holiday.

Q.Will I receive a T-slip from the life insurance company?

Structured settlements are payable on a tax-free basis and therefore you should not receive a T-slip from the life insurance company. Should you, for any reason, receive one, please contact us by telephone at 1.800.265.8381 or by e-mail at clientservices@mckellar.com.