What is considered Private Health Insurance Plans?

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mewmew
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What is considered Private Health Insurance Plans?

Post by mewmew »

http://www.taxplanningguide.ca/tax-plan ... -expenses/

Based on the above article, premiums paid for Private Health Insurance Plans are tax deductible. I am paying these myself:

1. Life and critical illness insurance (ie. when I die or have cancer)
2. Accidental insurance (e.g when I'm struck by a tree)
3. Hospitalization insurance (e.g. when I have a fibroid and requires hospitalization)

Are they all deductible?
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Norbert Schlenker
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Re: What is considered Private Health Insurance Plans?

Post by Norbert Schlenker »

mewmew wrote: 28 Jan 2018 13:39 http://www.taxplanningguide.ca/tax-plan ... -expenses/

Based on the above article, premiums paid for Private Health Insurance Plans are tax deductible. I am paying these myself:

1. Life
Definitely not.
and critical illness insurance
Never thought about it, but probably not.
2. Accidental insurance (e.g when I'm struck by a tree)
No. (You must have some vicious trees where you are.)
3. Hospitalization insurance
Yes.
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adrian2
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Re: What is considered Private Health Insurance Plans?

Post by adrian2 »

Norbert Schlenker wrote: 28 Jan 2018 14:58
mewmew wrote: 28 Jan 2018 13:39 http://www.taxplanningguide.ca/tax-plan ... -expenses/

Based on the above article, premiums paid for Private Health Insurance Plans are tax deductible. I am paying these myself:

1. Life
Definitely not.
and critical illness insurance
Never thought about it, but probably not.
Definitely not, as the benefits are paid tax free in this scenario.
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OhGreatGuru
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Re: What is considered Private Health Insurance Plans?

Post by OhGreatGuru »

The premiums referred to are all in the context of allowable medical expenses, not life insurance, disability insurance, or accident insurance.
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Re: What is considered Private Health Insurance Plans?

Post by mewmew »

OhGreatGuru wrote: 28 Jan 2018 18:17 The premiums referred to are all in the context of allowable medical expenses, not life insurance, disability insurance, or accident insurance.
Please see this link: https://turbotax.intuit.ca/tips/deducti ... e-plan-366

[2nd paragraph]: "As a rule, premiums that are paid to private health services plans including medical, dental and hospitalization plans are considered to be eligible medical expenses by the Canada Revenue Agency."

So what is the "hospitalization plans" refer to here? Is there some kind of plans insured for "hospitalization" that's tax deductible?
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Re: What is considered Private Health Insurance Plans?

Post by pmj »

Also include the medical component of travel insurance policies.
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kcowan
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Re: What is considered Private Health Insurance Plans?

Post by kcowan »

Also if the private insurance does not cover the entire amount, the copay is deductible. For example, my drug coverage has a $5 fee then pays 90% so the $5 and the 10% is deductible. CRA will accept the Sun Life statement since they got all the receipts.
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AltaRed
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Re: What is considered Private Health Insurance Plans?

Post by AltaRed »

To me, a hospitalization plan is no more than an extended health benefits plan offered by Blue Cross, Sun Life and others. One needs to read the CRA guide carefully.
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