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   Are employee life insurance premiums taxable?

   • This section applies to current, former, and retired employees. Premiums you pay for employees' group life insurance that is not group term insurance or optional dependant life insurance are also a taxable benefit.

   Group term life insurance policies – Employer-paid premiums

   www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/benefits-allowances/group-term-life-insurance-policies-employer-paid-premiums.html

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   Are life insurance premiums tax deductible?

   • As an individual, when you pay life insurance premiums, they are not deductible on your income tax return. However, if you are a business owner and you pay life insurance premiums on behalf your employees, your expenses may be deductible. Here’s a look at what the Canada Revenue Agency (CRA) requires:

   When are Life Insurance Premiums Tax-Deductible?

   turbotax.intuit.ca/tips/deductible-life-insurance-premiums-285

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   What is a term life insurance policy?

   • Term insurance is any life insurance under a group term life insurance policy other than insurance for which a lump-sum premium has become payable or has been paid. Life insurance for current employees would usually be term insurance, although it is sometimes provided for retired employees.

   Group term life insurance policies – Employer-paid premiums

   www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/benefits-allowances/group-term-life-insurance-policies-employer-paid-premiums.html

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   Are LTCI premiums taxable?

   • For individuals: No. Employer-paid critical illness insurance and income-style long-term care insurance (LTCI) premiums are taxable employee benefits. Employer-paid premiums for disability income insurance (DI), personal health insurance and reimbursement-style LTCI are not taxable employee benefits.

   Are your insurance premiums tax-deductible? - Sun Life

   www.sunlife.ca/en/insurance/life/are-your-insurance-premiums-tax-deductible/

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   Do I have to pay taxes on life insurance premiums?

   • For example, if you pay one of your employees $1,000 and also pay $200 for life insurance premiums on his behalf, you must withdraw income tax and remit payroll tax as if you paid your employee $1,200 for that pay period. Additionally, you must also deduct Canada Pension Plan contributions.

   When are Life Insurance Premiums Tax-Deductible?

   turbotax.intuit.ca/tips/deductible-life-insurance-premiums-285

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   Are health insurance premiums taxable?

   • Premiums or contributions you pay to a group sickness or accident insurance plan are a taxable benefit to your employee, unless it is in respect of a wage-loss replacement benefit payable on a periodic basis (not lump-sum).

   Employers' Guide Taxable Benefits and Allowances - Canada

   www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4130/employers-guide-taxable-benefits-allowances.html

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2. www.canada.ca › en › revenue-agencyGroup term life insurance policies – Employer-paid premiums

   www.canada.ca › en › revenue-agency

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   Premiums you pay for employees' group life insurance that is not group term insurance or optional dependant life insurance are also a taxable benefit. A group term life insurance policy is one for which the only amounts payable by the insurer are policy dividends, experience rating refunds, and amounts payable on the death or disability of an ...

3. www.sunlife.ca › employee-benefits-taxable-or-notEmployee Benefits: Taxable Or Not? - Sun Life

   www.sunlife.ca › employee-benefits-taxable-or-not

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   • Are group life and health insurance premiums taxable benefits? Some employer-paid premiums are taxable benefits. This includes: group life insurance, dependant life insurance,
   • Are group short- or long-term disability premiums taxable benefits? Employer-paid short-term disability or long-term disability premiums are not taxable benefits.
   • Are non-group insurance plans a taxable benefit? Employer contributions to a non-group insurance plan* are a taxable benefit even if the plan is for sickness, accident or disability insurance.
   • Are pension plans and Group Registered Retirement Savings Plan (RRSPs) taxable benefits? Your employer's contributions to a registered pension plan on your behalf aren't taxable.

4. www.sunlife.ca › en › insuranceAre your insurance premiums tax-deductible? - Sun Life

   www.sunlife.ca › en › insurance

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   Apr 21, 2022 · Generally, life, health and disability insurance premiums aren’t tax-deductible for individuals or businesses. So you can assume the answer is no until you find out whether your specific situation is an exception.

   • Author: Dave Dineen

5. turbotax.intuit.ca › tips › deductible-lifeWhen are Life Insurance Premiums Tax-Deductible?

   turbotax.intuit.ca › tips › deductible-life

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   Sep 25, 2020 · As an individual, when you pay life insurance premiums, they are not deductible on your income tax return. However, if you are a business owner and you pay life insurance premiums on behalf your employees, your expenses may be deductible. Here’s a look at what the Canada Revenue Agency (CRA) requires: Deductible Employer-Paid Life Insurance ...

6. www.moneysense.ca › spend › insuranceIs life insurance taxable in Canada? - MoneySense

   www.moneysense.ca › spend › insurance

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   Mar 20, 2021 · The death benefit paid from a life insurance policy is a tax-free, lump-sum amount for the beneficiary that can be used to finance a number of things. This includes paying off debts,...

7. www.canada.ca › en › revenue-agencyEmployers' Guide Taxable Benefits and Allowances - Canada

   www.canada.ca › en › revenue-agency

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   Term insurance is any life insurance under a group term life insurance policy other than insurance for which a lump-sum premium has become payable or has been paid. Life insurance for current employees would usually be term insurance, although it is sometimes provided for retired employees.

8. protectyourwealth.ca › life-insurance-tax-canadianLife Insurance and Taxes [Canadian Guide 2024] | Protect Your ...

   protectyourwealth.ca › life-insurance-tax-canadian

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   Jul 6, 2023 · General Rule for Insurance Premiums: In general, life, health, and disability insurance premiums are not tax-deductible for individuals or corporations. However, there may be exceptions to this rule based on specific circumstances.