Life Insurance Canada Taxable
March 10th, 2008
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Question: Is money received under the dismemberment section of life insurance taxable in Ontario, Canada?
If one received a lump sum for a dismemberment such as loss of certain fingers etc...from an insurance company, is that money taxable, or does the person get to keep the whole amount?
Answer: almost all insurance benefits are paid out tax free, unless this under an group insurance policy set up by your work. In that case if it's a taxable benefit, then the payout could be taxed as well. If it's an individually owned policy then you don't get taxed
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