Taxes of life insurance

Taxation and life insurance, what a quagmire! Unless you are a tax expert, (you wouldn’t be reading this if you were), the tax implications of life insurance may be a mystery to you. In theory, your advisor should give you all the information you need regarding your insurance. But in practice, to be honest, the whole matter lacks clarity. How exactly is personal life insurance taxed? What do they tell you and what do they hide? Yes, there are taxes not mentioned by insurers, often disguised as administrative fees. They are real and it is you, the consumer, who pays. Do you want to know exactly what it is about? Let’s elaborate on this mystery of taxation of life insurance premiums in Quebec.

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