TAX QUESTIONS? YOU ASK LAH!
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Q: Is Mortgage Loan Protection Insurance such as MRTA, MRTT ,MLTA, and MLTT eligible for life insurance tax relief?
A: No, Mortgage Loan Protection Insurance are considered mortgage-related insurance and not direct life insurance. Although these policies provide benefits in the event of death or permanent disability, their primary purpose is to secure the housing loan. Therefore, the premiums paid do not qualify for life insurance tax relief.
Wishing you plentiful tax savings!
Zen Chow
YYC Tax Guru
