Claim your insurance premium on your income tax

Summer 2014 CSANews Issue 91  |   Posted date : Aug 06, 2014.Back to list

Bird talk - Le Jaseur
Dear Bird Talk,

Reading your article on Jim Flaherty makes me ask you, "Can we claim our premium for travel insurance policy on our income tax? I have paid premiums for three years now and didn't realize that we could claim them. Also, can I claim out-of-pocket medical expenses for dentist bills which we incurred while in Florida? Our policy paid part of it, but it still cost us over $400.00 from our own pocket.

Sharon Pickford,
Paris, ON

Response:
Ed.: Absolutely! 100% of your travel insurance premiums are tax-deductible, thanks to Minister Flaherty. We are not certain about the deductibility of dental costs, but I would certainly claim them and await further advice from the CRA.

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