Q:
If a husband is paying for his wife's life insurance premium, can his wife claim tax relief?
A:
A taxpayer can claim tax relief on the life insurance that he has bought for himself or his spouse, but not for his children or his parents. However, it is important to know that the policy owner is the one that is eligible to claim the tax relief, and not the person being insured.
If a husband buys life insurance for his wife, only the husband can claim tax relief on the insurance premium paid. Likewise, if a wife buys life insurance for her husband, only the wife can claim tax relief on the insurance premium paid.
Wishing you plentiful tax savings!
Zen Chow
YYC Tax Guru
P.S. If you're liking these little tips, you can't imagine how much you'll get out of my course!