My question is: Canadian-specific
QUESTION: Are the costs of life insurance or critical illness insurance for an investment loan tax deductible the same as interest costs?
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david ingram replies:
If the lender insisted that you have the insurance to pay "them" back, or you will not get the loan, teh insurance would be deductible.
If you just bought it because you needed the life insurance and critical illness insurance because of your own perceived need, the cost is not deuctible.
I have never heard of a financial institution demanding critical illness insurance although there is no reason that they could not.
In fact it makes as much or more sense than life insurance since there is a real chance that a critical illness will incapacitate you.
This is a good question for the Sunday Radio Show if you want to follow up. The Host, Fred Snyder, runs regular seminars on critical illnes insurance and risk management. We had one this last Thursday.
Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet at
www.600AM.com
Local phone calls to (604) 280-0600 - Long distance calls to 1-866-778-0600.
Old shows are archived at the site.
This from ask an income tax immigration planning and bankruptcy expert consultant guru or preparer from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
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Disclaimer: This question has been answered
without detailed information or consultation and
is to be regarded only as general comment.
Nothing in this message is or should be construed
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exists between the reader & the author and any and all
non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com.
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