Not for a policy you own personally: the premiums are a personal expense. A business can deduct premiums only in limited cases, for example when a policy is assigned as collateral for a business loan from a bank or other qualifying lender, and even then usually only part of the premium. Speak with us or your accountant about your situation. See also What are the tax implications of business-owned life insurance?
Are life insurance premiums tax-deductible in Canada?
Reviewed by Garrett Agencies Ltd., October 2026. How we write
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