Tag Archive: permanent life 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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