Tuesday, 8 January 2013

Critical Illness & Accidental Death Insurance are now Taxable Benefits

Effective 2013 employer's contribution to group sickness and  or accident insurance plan is a taxable benefit to the employee. If the contributions were made after March 28,2012 for coverage in 2013 it is also considered a taxable benefit. However, employers contributions to private health service plans remains non-taxable to employee and deductible to the employer.

http://www.cra-arc.gc.ca/gncy/bdgt/2012/qa06-eng.html

Get more tax information and Q&A letters from our website www.tavana.ca


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