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Did you fall behind on your financial goals for 2025? If so, you’re not alone. According to a survey by online estate planning platform Willful, 58% of Canadians reported postponing financial tasks they’d earmarked for the year, such as paying down debt, contributing to registered savings and in.... More »
BMO Ascend World Elite Mastercard review Dec 10th
The BMO Ascend World Elite Mastercard is just one card in BMO’s premium lineup. It offers a points-based rewards program through BMO Rewards, 5x the points on travel purchases, flexible redemption options, and usually a large welcome bonus. We’ll break it all down below so that you can decide if.... More »
Cost Management Strategies for Canadian Group Benefit Plans May 12th
The cost of providing comprehensive benefits continues to rise. Managing group benefits effectively is critical for employers in Canada. The need to find balance between offering appealing group insurance to employees and maintaining financial sustainability is not easy.
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CPP payment dates in 2025, and more to know about the Canada Pension Plan + MORE Jan 3rd
In Canada, no retirement plan is complete without considering the CPP. Whether you’re approaching retirement or still several years away from it, the Canada Pension Plan will likely play a role in your retirement income. How big a role depends on several factors. You may have other questions, too..... More »
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My house, as I told my insurance broker recently, is the Canadian housing equivalent of ancient. Built in the 1910s in Saskatoon, this house has many foibles. To hang pictures, I have to use wood screws lest regular nails bounce off of the layers and layers of paint. My basement is a little more tha.... 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…
