I took the $50,000 living benefit for terminally i...
New Member

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?

 
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Moderator

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

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