Testimonials

Hammad Naseem

 “We started off as a small company and needed assistance with bookkeeping and year-end tax preparation. I am happy to say that within three years, we have enjoyed substantial growth and are well on our way into being a success story. Throughout this growth period, Williamson Accounting has been with us side by side- each month, providing updated financial reports and guidance needed to direct our business and keeping us on track. At the company’s year-end, they have been dependable in providing tax planning we need including issuing and filing T4’s for our employees and corporate and personal tax returns. They are a great resource for any start-up or growing business and we highly recommend their service.”


Hammad Naseem, Co-Founder, Flarian Innovation Inc.

 

Newsletter Sign-up

Receive current Business News and Tips

Newsletter Sign-up

Williamson Accounting Inc. helping your small business to reduce taxes and simplify accounting in the Greater Toronto Area (GTA) and across Canada.

For a free initial conversation about your business, call (416) 444-8747 or Contact us.

Tax Deductibility of Life Insurance Premiums

The question of whether premiums paid for life insurance can be deducted from income often arises in tax-planning exercises.

The rule is that life insurance premiums are considered to be capital outlays and not an expense incurred for the purpose of producing income from a business or property. Therefore  a deduction is usually disallowed.

Registered Life Insurance

A portion of the premiums paid under a life insurance policy that has been registered as a retirement savings plan is deductible.

Group Insurance

Group insurance premiums paid by an employer are deductible. (See ‘Did You Know?’ below)

Charitable Gifts

A deduction is permitted in the case of a life insurance policy donated by a corporation to a registered charity. An individual who donates a life insurance policy is entitled to a nonrefundable tax credit in respect of premiums paid.Collateral Insurance.

All or a portion of premiums paid under a life insurance policy that has been collaterally assigned to a lending institution may be deductible.

Did you know?  Group Benefits

Did you know your business could subscribe to a group benefit package with as a little as three employees?  Why would you want to do that?  Two reasons…

First, benefits are an excellent incentive for retaining staff.  Secondly, you can put yourself on the plan and potentially reduce your personal medical/dental costs.  And the best part of this deal is the premiums are tax deductible to the employer.

For more information regarding Group Benefits, as well as Personal Disability and Life Insurance, please contact your insurance representative or give us a call 416-444-8747 or by email to be directed to a rep in your area.

Visit Us

We are located near Sheppard Ave. and the 401/ 404 Hwy corridor at 203- 211 Consumer Road 
Toronto, ON M2J 4G8
Tel: 416-444-8747
This email address is being protected from spambots. You need JavaScript enabled to view it.

Quotable

Bo Bennet

"Avoiding the phrase "I don't have time...", will soon help you to realize that you do have the time needed for just about anything you choose to accomplish in life."

All Rights Reserved 2017. Williamson Accounting Inc.