Can i write off my premiums paid on life and disability insurance for myself under my small business

[horvs]

As a small business owner I don't have any insurance coverage so I have purchased life and disability coverage for myself (I have no employees).  Am I able to write off the annual premiums I've paid for these insurances? 

[Delphision · Accepted solution]

This is not a deductible business expense.  Presumably your beneficiaries are family members, which makes it personal.

[horvs]

This insurance is solely for my benefit should I happen to get hurt and am unable to work for a specified period of time.   There is no beneficiary listed (I was mistaken, it is only the disability insurance and no life).  Are these premiums deductible for a small business?  and if so, where do I put them?

[Delphision]

If you still have doubts, CRA can answer this question.  1-800-959-8281.  There are many kinds of insurance such as accident, sickness, etc., but CRA will only allow private medical for individuals, and commercial policies, as below.

Per CRA:
Line 8690 – Insurance
You can deduct all ordinary commercial insurance
premiums you incur on any buildings, machinery, and
equipment you use in your business. For more information
about claiming your motor vehicle insurance costs, see
“Line 9281 – Motor vehicle expenses” on page 23.
The insurance costs related to business use of work space in
your home have to be claimed on line 9945,
“Business-use-of-home expenses.” For more information,
see page 30.
In most cases, you cannot deduct your life insurance
premiums. However, if you use your life insurance policy
as collateral for a loan related to your business, you might
be able to deduct a limited part of the premiums you paid.
For more information, see Interpretation Bulletin IT-309,
Premiums on Life Insurance Used as Collateral.