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Life insurance is often touted as the financial safety net we all need, but what if it’s an added expense you’re not sure you can afford? If that’s your thinking, you’re far from alone—a 2019 study showed that most Canadians are underinsured, with 49% having never purchased life insurance at all. But before you veto the idea altogether, let’s look at how much life insurance can cost.
First, what is life insurance?
Life insurance is a policy you pay into in regular installments, and in the event of your death, your beneficiaries get a payout. The contents of your specific policy will vary based on your needs, but it can pay for end-of-life expenses such as a funeral, as well as settle debt obligations including a mortgage, an auto loan and credit card bills. Most importantly, a policy can make life easier for your family when you’re gone by helping them keep their home, covering their everyday living expenses and supporting their plans for the future, the cost of your children’s post-secondary education, for instance…

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Life insurance is essentially buying peace of mind. You’re helping your loved ones deal with the financial impact of your death and hopefully mitigating some of the accompanying stress and emotional turmoil. But what happens after your loved ones receive their inheritance? Is life insurance taxable in Canada? Is the payout you’re leaving behind subject to income tax? The last thing you want to do is leave your loved ones with more confusion—that’s why you purchased the policy in the first place. Here’s what you need to know about life insurance and the tax implications it could have. 

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Is life insurance taxable in Canada?
Most of the money received from a life insurance policy is not subject to income tax. The death benefit paid from a life insurance policy is a tax-free, lump-sum amount for the beneficiary that can be used to finance a number of things. This includes paying off debts, including a mortgage, so your family can remain in the same home and community…

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