Are WCB benefits taxable income? WCB benefits are not taxable. However, the T5007 must be included in your net income because it is used to calculate various tax credits such as the Child Tax Benefit, the GST credit, and the Guaranteed Income Supplement.
If you're a worker, any WorkSafeBC income benefits you receive are non taxable. But they might affect your tax credits and payments. So we provide a T5007 Statement of Benefits to help you file your annual tax return.