On Jan. 14, LTH Tax published information notice on premiums.
LTH Tax published notice on declaration of tax relief for life insurance and premiums.
Main Points
Possibility to use the income tax benefits of art 21 of the Income Tax Act to refund a portion of the 2024 income tax deducted (paid) or to reduce the income tax payable.
The income tax benefits may be used for expenses incurred in 2024 including life insurance premiums, pension contributions to pillar III and occupational pension funds.
Interest on one residential credit taken out before Dec. 31, 2008 for the construction or purchase of housing or for the financial lease (leasing) of residential housing.
The total amount of all deductible expenses cannot exceed 25% of taxable income.
Effectiveness
Tax benefits can be taken advantage of by submitting declaration form by May 1, 2025.
Regulators
LTH Tax
Entity Types
Auditor; CNSM; Corp; Ins; Pension
Reference
PR, 1/14/2025; Nt (18.18-31-1 Mr) R-120, 1/13/2025
