Is professional liability insurance tax deductible? – Canada?
Please read carefully:
Under Canada Revenue, line 212 states that "professional or malpractice liability insurance premiums or professional membership dues required to keep a professional status recognized by law": http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/212/menu-eng.html
Now.. if I’m working as a health care worker and it is an OPTION for me to get liability insurance provided by my professional college, is the liability insurance tax deductible?
No, it must be required.
If you are a contract worker, i.e. self-employed, the insurance would be an expense claimed against your income on Form T2125.
If you are salaried, you are covered under your employer’s liability policy and therefore having your own insurance is considered non-essential by CRA, therefore non-deductible.
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No, it must be required.
If you are a contract worker, i.e. self-employed, the insurance would be an expense claimed against your income on Form T2125.
If you are salaried, you are covered under your employer’s liability policy and therefore having your own insurance is considered non-essential by CRA, therefore non-deductible.
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