Query regarding employment benefit

[syedsaquib]

Hi there,
One of my employers provided me with full medical insurance on top of my annual salary. This medical insurance fee was not paid to me but instead to the insurance company. So the fee paid to the insurance company did not have any impact on my total annual income that I received from the company. Do I have to include this health insurance benefit in my employment reference letter and exactly how much the company paid for my insurance?

Thanks!

 

[CadJohn]

I would think that you don't have to include those details in the employment reference letter, but I could be wrong. Better check the official rules on this. I'm waiting for someone to reply with even more information regarding companies that paid for insurance.

More information about Canada Express Entry here:
https://www.igorbnews.com/2020/09/canada-express-entry-steps-of-process.html

 

[syedsaquib]

I would think that you don't have to include those details in the employment reference letter, but I could be wrong. Better check the official rules on this. I'm waiting for someone to reply with even more information regarding companies that paid for insurance.

More information about Canada Express Entry here:
https://www.igorbnews.com/2020/09/canada-express-entry-steps-of-process.html

Thank you!

 

[mapleleaf987]

Hi there,
One of my employers provided me with full medical insurance on top of my annual salary. This medical insurance fee was not paid to me but instead to the insurance company. So the fee paid to the insurance company did not have any impact on my total annual income that I received from the company. Do I have to include this health insurance benefit in my employment reference letter and exactly how much the company paid for my insurance?

Thanks!

you don't need to include this. Your annual income should tally back to any compensation letter you received from the company AND you tax returns. im guessing this insurance payout wasn't mentioned in your tax forms.

 

[syedsaquib]

you don't need to include this. Your annual income should tally back to any compensation letter you received from the company AND you tax returns. im guessing this insurance payout wasn't mentioned in your tax forms.

No the insurance payout was not mentioned in the payslips/taxforms

 

[CadJohn]

"Is Life Insurance Taxable in Canada? Most amounts received from a life insurance policy are not subject to income tax. Regardless of the size of the policy, your spouse, child or anyone else you've named as a beneficiary would not have to report life insurance proceeds as taxable income on their Canadian tax return."

From - rbcinsurance.com

 

[CadJohn]

How to Avoid Taxation on Life Insurance Proceeds:
Prevent the tax man from getting you one last time

https://www.investopedia.com/articles/pf/06/transferlifeinsurance.asp