There are more insurance options in Canada than you can shake a stick at! Stay on top of the best policies right here.
Latest News
The best travel credit cards in Canada for 2025 + MORE Jul 31st
Whether you’ve got a big international trip or the cross-country Canadian vacation of a lifetime coming up, the right travel credit card is one of the best things you could pack. Travel credit cards can earn you rewards on top of common purchases like flights, gas, and dining out, but they can als.... More »
Scotiabank Gold American Express Card review Jan 12th
The Scotiabank Gold Amex combines some of the best aspects of a travel card with the ability to participate in the Scene+ Rewards Program. For a modest annual fee, you’ll enjoy considerable insurance coverage, some travel perks, and the ability to earn up to 6 Scene+ points per $1 spent.
Who is.... More »
Going on vacation? Here’s how to keep your home safe + MORE Jul 3rd
As summer kicks into high gear, many Canadians are planning to head out of town for a vacation, whether it’s a weekend at the cottage or a month-long tour of Europe. But getting that rest and relaxation can bring a new source of stress.
According to a Leger survey conducted for Allstate Insuran.... 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 »
Understanding Health Care Spending Accounts (HCSAs) Mar 25th
In Canada, Health Care Spending Accounts (HCSAs) have become a popular benefit offered by many employers. These accounts offer employees a flexible, tax-efficient way to manage health-related expenses such as dental, prescription drug and paramedical costs.
Let’s discuss what HCSAs are, how t.... 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…
