Categories for corporate insurance

Are life insurance premiums tax deductible?

Are Permanent Life Insurance Premiums Deductible?

August 18, 2021 10:56 am Published by

A common question I will get during a review of permanent life insurance options is whether the insurance premiums paid are deductible for tax purposes.  For those unfamiliar with permanent life insurance benefits, please review my article: https://mgfadvisory.ca/news/2016/12/06/3-hidden-benefits-of-permanent-life-insurance/   Seek Tax Advice Below I’ve overviewed some of the general rules surrounding deductibility of life insurance premiums for information purposes.  However, please be advised before continuing in this article that only a public practice accountant should be provided you advice on whether any premiums paid by you or a related entity are deductible for tax purposes. As part of my service...

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How To Prepare For a Paramedical Visit

November 12, 2018 10:15 am Published by

Paramedicals and Pre-Screening In some cases, in order to complete your insurance pre-screening process, a paramedical may be sent to complete a blood and urine test. While we understand that the word ‘paramedical’ may have some negative connotations, the truth is that the process is relatively innocuous, simple and no cause for concern. In most cases, the paramedicals will even visit you are your home or office, making the process as pragmatic and convenient as possible. There are some cases which require that you visit their office to complete a stress test; however, those are usually performed for larger asset...

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Is Corporately Held Insurance Right for You?

December 10, 2017 4:24 pm Published by

“If the Federal Government removes the Pipeline Method, having corporately held insurance will allow capital gains to be taxed at a lower rate. Now more than ever, corporately held insurance is a sound financial move.” Recently, I’ve been contacted by many lawyers, investment advisors and clients asking about the benefits of Corporately Held Insurance – insurance owned by an incorporated business rather than an individual. It is most commonly put in place when a corporation is profitable and they want to be able to protect their interest if an owner or key employee dies.   Proposed Federal Government Tax Changes...

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