Testimonials

Marion Tripp

I have used Williamson Accounting since the beginning of Virtual Option.

Michael has always provided me with excellent service, advice and consulting.

They do the monthly bookkeeping for Virtual Option and also file my tax returns. Michael has been actively involved in the company’s growth and success.

I highly recommend their accounting expertise for small business.

Marion Tripp, President,
Virtual Option

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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

Jeffery L. Yablon

"Today is the first day of the rest of your taxable year."

All Rights Reserved 2017. Williamson Accounting Inc.

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