I took the $50,000 living benefit for terminally i...
Discuss
Discover
  • Community basics
    • Support
  • TurboTax™
    • Go to TurboTax

    Why sign in to the Community?

    • Submit a question
    • Check your notifications
    or and start working on your taxes
    EnglishEN

    Pick a language

    Français English
    cancel
    Turn on suggestions
    Showing results for 
    Search instead for 
    Did you mean: 
    michellevoth
    New Member
    posted
    ‎October 30, 2019 6:54 AM
    last updated ‎October 30, 2019 6:54 AM

    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?

     
    0
    1
    205
    Reply
    1 Reply
    TurboTaxMary-Ann1
    Moderator
    Moderator
    ‎October 30, 2019 6:54 AM

    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?

    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

    0
    205
    Reply
    v