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I took the $50,000 living benefit for terminally ill out of my personal term life insurance policy. The $50,000 is reduced from the total benefit paid. Is this taxable?
October 30, 2019
6:54 AM
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Seniors and students
Although most payments from life insurance companies are not considered to be taxable, you may want to review this link for more information, https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-re... as well contact your insurance provider for details on their particular policy
October 30, 2019
6:54 AM