Is your life insurance tax deductible?

You can use this checklist to see how life insurance affects your tax return

As you get ready for another tax season, make sure to look at your life insurance. It can affect your tax return. The main reason for buying life insurance is to have financial protection in case of death. In addition to that, your life insurance also has tax benefits. But how do you know which tax benefits might apply to your tax return? Here’s a simple checklist to make it easier.  For detailed advice on your specific situation, you’ll want to talk with your advisor and a tax professional.

Tax season checklist - Life insurance

Do you own life insurance that can build up cash value over time?

Contact me

Todd Zeng

E. todd@ztfamilyfinancial.com

T. 778-866-0989

(Content Courtesy of Canada Life)