3 TAX TIME TIPS – Health & Group Insurance

3 Tax Time Tips

 TAX TIME TIPS The personal income tax return deadline of April 30 is fast approaching    so here are 3 handy tips to help you save on your income taxes. TAX TIP # 1 – If you are Self Employed – Individual Health Plan – Deduct Your Health & Dental Premiums as a Business … Continue reading

CRA changes Group Disability Insurance Withholding Tax Rule

The Canada Revenue Agency  – CRA changed the Group Disability Insurance Withholding Tax Rule that applies to group disability plans. The new rule takes effect January 1, 2015 .  It applies to those disability claims where the employer pays the premium for the group disability portion (we call them taxable group disability plans). A taxable … Continue reading

…New Lifetime Capital Gains Exemption……..an increase in the max amount……

$800,000 Capital Gains calculator

Part of doing an evaluation of life insurance needs is looking at your tax situation in the event of death. A big part of tax liability can be the result of owning shares in a privately held, incorporated business.  The business for which you worked hard, took risks and where … Continue reading

What is Non Medical Life Insurance

Cup of Delicious Relaxing Tea

#1 in series of posts on Non Medical Life Insurance. I regularly see ads on T.V. talking about ‘Non Medical Life Insurance’  And I think that for many people, this sounds very attractive if you don’t want to pass a medical exam. Is Non Medical Life Insurance right for you?  … Continue reading

A.D.&D. (Accidental Death & Dismemberment) premiums are now a taxable benefit to employees

Morning Sky Beautiful Lake Ontario

Effective January 1, 2013: As a result of the March 2012 Federal budget, Group Accidental Death and Dismemberment benefit premiums are now a taxable benefit to employees, if the premium is paid by the employer. If you are an employer and pay 100% of the group premiums, or are paying the … Continue reading