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New Member
posted Dec 10, 2019 10:41:51 AM

Are disability insurance premiums tax deductible for self employed.

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Moderator
Jan 28, 2020 10:46:28 AM

Generally, no. For individuals, most kinds of insurance premiums are usually not tax deductible (with Personal health insurance premiums being an exception). For businesses, insurance premiums are usually only deductible when the business is paying these premiums for their employees.

 

However, there are exceptions to these rules, so you may want to talk to an account or the CRA to check if you are in a situation that may allow you to deduct these premiums.  If you are in Canada or the United States, you can call the Canada Revenue Agency (CRA) at 1-800-959-8281. If you are somewhere else you can call 613-940-8495. Here are more ways to contact the CRA: https://www.canada.ca/en/revenue-agency/corporate/contact-information/telephone-numbers.html