TAX QUESTIONS? YOU ASK LAH!

Your weekly dose of tax knowledge - become tax savvy in just 2 minutes!

---

Q: I am a partner of a partnership. I purchased ‘key-man’ insurance policies on the life of the partners, with the partnership as the beneficiary. Can I claim a business tax deduction on the insurance premiums paid?

A: No. The premium paid on a ‘key-man’ insurance policy on the life of the partner in a partnership is not allowable, as the insurance is purchased for the advantage of the partner in their capacity as an owner of the business.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

Subscribe To Our Newsletter To Get Weekly Dose of Tax Knowledge!

Email:

We respect your email privacy