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

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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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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

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