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?
What is considered Private Health Insurance Plans?
- Norbert Schlenker
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Re: What is considered Private Health Insurance Plans?
Definitely not.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
Never thought about it, but probably not.and critical illness insurance
No. (You must have some vicious trees where you are.)2. Accidental insurance (e.g when I'm struck by a tree)
Yes.3. Hospitalization insurance
Nothing can protect people who want to buy the Brooklyn Bridge.
Re: What is considered Private Health Insurance Plans?
Definitely not, as the benefits are paid tax free in this scenario.Norbert Schlenker wrote: ↑28 Jan 2018 14:58Definitely not.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
Never thought about it, but probably not.and critical illness insurance
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Re: What is considered Private Health Insurance Plans?
The premiums referred to are all in the context of allowable medical expenses, not life insurance, disability insurance, or accident insurance.
Re: What is considered Private Health Insurance Plans?
Please see this link: https://turbotax.intuit.ca/tips/deducti ... e-plan-366OhGreatGuru 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.
[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?
Re: What is considered Private Health Insurance Plans?
Also include the medical component of travel insurance policies.
Peter
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Patrick Hutber: Improvement means deterioration
Re: What is considered Private Health Insurance Plans?
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.
For the fun of it...Keith
Re: What is considered Private Health Insurance Plans?
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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