TAX QUESTIONS? YOU ASK LAH!

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Q: If a company buys insurance for staff, the policy owner is the staff and the beneficiary is his family member. Is the premium paid by the company tax deductible?

A: Tax deduction is not allowed because the insurance is the staff's personal insurance policy. But if the company includes the premium paid into the staff's EA form as his remuneration, then the company can claim tax deduction for the premium paid.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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