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

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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.

2. www.canada.ca › en › revenue-agencyDetermine if a benefit is taxable - Canada.ca

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   Overview: What is a taxable benefit. Determine the tax treatment of payments other than regular employment income. Date modified: 2024-07-05. This chart indicates whether the taxable allowances and benefits are subject to Canada Pension Plan (CPP) and employment insurance (EI) withholdings.

   Type Of Benefits	Category
   Automobile provided by the employer	Travel expenses
   Automobile or motor vehicle benefits – ...	Travel expenses
   Motor vehicle provided by the employer	Travel expenses
   Board, lodging, housing and utilities ...	Board, lodging, housing and utilities ...

   See full list on canada.ca

3. www.moneysense.ca › spend › insuranceLife insurance for kids: Do you really need it? - MoneySense

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   Jul 20, 2022 · Term life insurance policies are affordable and provide coverage in the form of a death benefit for a set number of years, while permanent life insurance policies (i.e. whole life insurance and...

4. Videos

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     1:39

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     Term Life Insurance: What it is and How it Works | American Family Insurance

     May 9, 2022

     2.4K Views

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     investopedia.com

     Term Life Insurance: What It Is, Different Types, Pros and Cons

     Dec 31, 2008

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     6:14

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     Five Important Benefits of Buying Term Life Insurance

     Jan 27, 2020

     48.8K Views

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

   www.canada.ca › en › revenue-agency

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   • General information. What is a benefit, an allowance, or a reimbursement. Benefit. Your employee has received a benefit if you pay for or give something that is personal in nature
   • Automobile and motor vehicle benefits and allowances. Information on the topics discussed in this chapter can be found at: Automobile and motor vehicle benefits.
   • Other benefits and allowances. Aircraft Benefits. If you give your employee access to an aircraft for personal purposes, the employee receives a taxable benefit.
   • Housing and travel assistance benefits paid in a prescribed zone. This chapter applies to you if you meet both of the following conditions: You are an employer or a third-party payer who provides employment benefits for board, lodging, transportation, or travel assistance.

6. 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 ...

7. 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 · For the most part, premiums are not tax-deductible for individuals or corporations – this means that you cannot claim a deduction for the premiums paid on your personal life insurance policy when filing your tax return.

8. People also ask

   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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   Are life insurance premiums deductible?

   • For businesses: No. Premiums a business pays for life or health insurance aren’t deductible when the business will get the death benefit. For individuals: No. Employer-paid critical illness insurance and income-style long-term care insurance (LTCI) premiums are 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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   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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   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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   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 life insurance policies tax-deferred?

   • Tax-Deferred Cash Value Growth: Whole life insurance or universal life insurance policies include a cash value component that grows on a tax-deferred basis. This means that policyholders are not required to pay taxes on the growth of their cash value until they make a withdrawal.

   Life Insurance and Taxes [Complete Canadian Guide] - Protect Your We…

   protectyourwealth.ca/life-insurance-tax-canadian-guide/

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

   www.sunlife.ca › en › insurance

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   Apr 21, 2022 · 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.