Is professional liability insurance tax deductible? – Canada?
Tuesday, April 26th, 2011 at
1:04 pm
You are currently browsing comments. If you would like to return to the full story, you can read the full entry here: “Is professional liability insurance tax deductible? – Canada?”.
Filed under: Professional Liability Insurance
Like this post? Subscribe to my RSS feed and get loads more!
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.
References :