Comments on: Are Life Insurance Proceeds Taxable In Canada? https://briansoinsurance.com/are-life-insurance-proceeds-taxable-in-canada/ Taking care of the "if" in life Thu, 21 Nov 2024 19:34:00 +0000 hourly 1 https://wordpress.org/?v=7.0 By: Jim Monaghan https://briansoinsurance.com/are-life-insurance-proceeds-taxable-in-canada/#comment-11988 Thu, 07 Mar 2024 18:07:40 +0000 https://briansoinsurance.com/?p=7127#comment-11988 Another option, I think Ambie can have the life insurance company transfer the policy to her child and the cash surrender value used to continue payments within the policy.

]]> By: Brian So, CFP, CLU, CHS, BSc https://briansoinsurance.com/are-life-insurance-proceeds-taxable-in-canada/#comment-10906 Wed, 18 Oct 2023 21:56:35 +0000 https://briansoinsurance.com/?p=7127#comment-10906 In reply to Ambie.

Hi Ambie. You could withdraw the cash value and gift it to her. However, there might be tax payable on the withdrawal. There’s also the option of a policy loan, which will have interest charged and may also have tax consequences.

]]> By: Ambie https://briansoinsurance.com/are-life-insurance-proceeds-taxable-in-canada/#comment-10770 Wed, 27 Sep 2023 03:14:11 +0000 https://briansoinsurance.com/?p=7127#comment-10770 I carried a life insurance policy for my child who is now an adult,I am still paying the premiums, can I gift her the cash surrender valve as a gift ?

]]> By: Walter Winkiewicz https://briansoinsurance.com/are-life-insurance-proceeds-taxable-in-canada/#comment-6552 Fri, 02 Dec 2022 16:51:27 +0000 https://briansoinsurance.com/?p=7127#comment-6552 Can I use my permanent life insurance as collareal for a loan from my benefiary

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