Does the insurance deductible is allow and where do I put it?

Professionals who are required by law to maintain professional or malpractice liability insurance may also deduct their premiums on line 212 of their income tax return. For example, if you are an accountant who is required by law to maintain liability insurance, you may deduct the cost of your premiums on your income tax return. However, if you are not legally required to have liability insurance but carry it anyway, you cannot deduct the cost of your premiums.

 

For more information please see the links found below.

TurboTax article Claiming Annual Professional or Union Dues on Your Income Tax Return

Canada Revenue Agency Line 21200 - Annual union, professional, or like dues

 

If you require further assistance, please feel free to reach out to our expert team through phone support team or contact us directly on Facebook or Twitter

 

Thank you for choosing TurboTax.

Professionals who are required by law to maintain professional or malpractice liability insurance may deduct their premiums on line 21200 of their income tax return. For further details, please check our TurboTax article: Claiming Annual Professional or Union Dues on Your Income Tax Return.

 

You can claim it as an employment expense if you are employed; or you can claim it as a business expense if you are self-employed.

To claim annual license fees as an employment expense in TurboTax Online:

1. Enter your personal information and reported income before you begin your claims.
2. In the profile area, select Yes to Do you have expenses related to your employment?
3. In the dropdown, select Yes to I paid union dues or professional fees that are not included on T4 slips.
4. Enter the amount you paid to … and it'll appear as a deduction on line 21200 of your return.

To claim it as a business expense, enter the amount in Form T2125 in TurboTax Online:

1. From the left-side menu, search for Self-employment under income. Or you can search for Self-employed using the magnifying glass on the top bar.
2. Select your Self-employment profile (e.g. Professional, Commission, and/or Other type of business). Select Continue.
3. You will be able to edit a T2125 Form. Enter the annual license fees in Line 8760 – Business taxes, licenses, and memberships.
4. After you finished completing Form T2125, select Continue.

If you require further assistance please contact our phone support team or contact us directly on Facebook or Twitter.