TAX QUESTIONS? YOU ASK LAH!

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Q: If Bob’s insurance policy consists of life and medical insurance, how should he claim the tax relief for life insurance and the tax relief for medical insurance?

A: The insurance statement will show the segregated portion of premium paid for life insurance and medical insurance accordingly. Bob may just claim the tax relief according to the amount shown.


Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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