9:00 AM to 5:00 PM
Monday to Friday
appointments are suggested
Are you a Key person to your businesses success?
If so, and you purchase or own Term Life Insurance or Disability Protection through your company then the insurance premiums can be tax deductable.
Life insurance premiums are only tax deductable if they are collaterally assigned to an established Lender as a bank or credit union.
Here are the steps:
• The policy must be assigned to the lender
• The Lender must be a “Restricted Financial Institution”,
a chartered bank or credit union.
• The Interest charged on the loan must be for business purposes.
• The Lender needs to make a formal request “A letter” requesting term life insurance be put in place to cover of the debt in the event the Key person dies or becomes disabled.
Insuring a major Shareholder or Key person can ensure the survival of the business enterprise and the premiums can be the deductable at the same time.
Please contact us if you have questions
or would like us to prepare a custom service
package based on your needs.
Tel : Rick (250) 881-2423
Rob (250) 220-0495
Victoria Office, 670 Newport Ave
Victoria, BC V8S 5C7
North island Office, 3713 Shoreline Drive,
Campbell River, B.C. V9H 1L8
R. E. Reynolds Investments
& INSURANCE SERVICES LTD.
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