I cashed out life insurance of $9027.10 in 2020. The "estimated taxable gain" is $2715.51... is this considered "other income on my return?

[Lvsingh_2692]

As per CRA, you should report the earnings on a life insurance on Line 12100. 

As per turbotax, cashing out life insurance would result into capital gains. It is calculated as Proceeds of disposition - Adjusted Cost Base = Capital Gains and 1/2 of the Capital Gains are Taxable Capital Gains.

As per CRA, taxable capital gains from schedule 3 are transferred to line 12700 of your tax return so if you have an estimated taxable capital gains it will also go to line 12700.

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