Nadine is the vice president of a Canadian-Controlled Private Corporation (CCPC) and owns 25% of its shares. Her husband, Theo, is an employee of the CCPC. Nadine and Theo each have life insurance. As a benefit to both of them, the company pays the premiums of the life insurance policies. The annual premium for Nadine's life insurance is $2,500 and the annual premium for Theo's life insurance is $750. What amount can the corporation deduct from its revenues annually?

Answer rating: 100% (QA)

In this scenario the corporation can deduct a portion of the life insurance premiums it ... View the full answer