Paul is employed as a teacher and has paid premiums for the following insurance policies this year:
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Question:
Paul is employed as a teacher and has paid premiums for the following insurance policies this year:
• Life insurance – this will pay a lump sum payment on his death
• Salary continuance – this will pay a weekly amount of 60% of his salary if he is off work due to illness
• Trauma insurance – this will pay a lump sum amount if Paul suffers a critical illness or serious injuries, such as cancer, heart condition, major head injury, or stroke. The insurance premiums have been paid directly by Paul – not through his superannuation fund. Which insurance policy/policies will Paul be able to claim as a deduction on his tax return and why?
Related Book For
Canadian Income Taxation planning and decision making
ISBN: 9781259094330
17th edition 2014-2015 version
Authors: Joan Kitunen, William Buckwold
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