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Latest News
Commission warns N.B. residents against using Toronto insurance-related company - CBC Mar 21st
Commission warns N.B. residents against using Toronto insurance-related company CBC.... More »
Your ID was stolen, here’s what to expect + MORE Jan 7th
Your identity was stolen—what does that mean, and how might it impact you in the future? It’s a frustrating situation to be in, and you may have concerns about protecting your credit rating and preventing scammers from using your identity to commit fraud.
Unfortunately, identity theft is on t.... More »
Before you buy, here’s how to compare home insurance + MORE May 16th
Home insurance is important, but no one loves paying for it—especially when household budgets are tight. That’s why Canadians open their browsers and search for things like “cheap home insurance” and “how to save on home insurance.”
Any insurance professional will tell you there’s.... More »
Preparing taxes for someone who died Feb 9th
When you are managing the tax affairs of someone who has died, there are important steps to take to notify the Canada Revenue Agency (CRA), represent the deceased taxpayer, and finalize their tax filings.
Contacting the CRA
You should contact the government as soon as possible. This incl.... More »
The state of the Canadian used car market: Trends, insurance, and the true cost of ownership Mar 9th
If you’ve been watching used car prices over the past year, you’re probably wondering if they’ll keep accelerating. Before you make a plan to trade in your vehicle or decide how much of a down payment to make, take a moment to anticipate what’s going on in the used car market this year.
W.... More »
Tax Benefits of Health Insurance
– life-insurance-quotes.ca
Personal Health Expenses
In many cases health plan related expenses can be declared as tax deductible expenses when filing
taxes. This is true for both individual plans and employee benefit plans.
According to the Canadian Revenue Agency (CRA), the premiums for a private health insurance plan that
cover yourself, your spouse and/or children are eligible tax deductions. This also includes premiums that
cover a common law partner. The taxes paid on these premiums are also eligible tax deductions.
Know that out-of-pocket medical expenses (e.g. eligible expenses for things not covered by your health
plan due to pan maximums) are also eligible.
Other possible tax deductions are things such as vehicle modifications and mobility aids required for
medical reasons.
For a complete listing of tax deductible medically-related expenses see the CRA web site here.
Employer Health Expenses
If you are a small business employer, you should consider group benefits as a high value method of
remuneration for employees…
