Search

Are life insurance premiums tax deductible in Canada? | Mike Butean

Updated: May 6


In this article, I will talk about if life insurance policies are tax-deductible in Canada


Are life insurance premiums tax-deductible in Canada?


Generally no. You put in tax-free money and you get out tax-free money.

Same rule applies for living benefits: critical illness, disability, and accident & sickness insurance.

However, you can have the health benefits tax-deductible or you can turn all the health expenses into business expense by using a Health & Welfare trust


What other deductions can you get then?


You can get deductions only if you take a loan against the cash surrender value and then the interest rate is deductible.

This is valid for universal life and whole life policies which have Cash Surrender values.



If you are interested to find out more

contact me directly at

647-569-3799

mike@macdevfinancial.com

https://www.mikebutean.com/

You can find a lot of interesting info about insurance here:

https://mikebutean.thelinkbetween.ca/insurance


1 view0 comments