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NON-RESIDENT OF CANADA
If you have recently cancelled an insurance policy issued in Canada and have became a non-resident of Canada, you might have paid too much income tax.
Cancellation of a life insurance policy issued in Canada by a Canadian who has become a non-resident and cancellation of a life insurance policy issued abroad by a policyholder who has become a resident of Canada.
- Did you recently cancel a life insurance policy with cash values issued in Canada while you now live in another country?
- Did the life insurance company withhold too much income tax on the surrender gain when you cancelled your life insurance policy?
- Did you know that you can claim the excess income tax paid?
If you are a non-resident of Canada who has recently cancelled a life insurance policy with cash values, issued in Canada, you might have paid too much income tax.
The insurer has the obligation to withhold federal and provincial income tax on the surrender gain. However, you can claim the excess tax.
For more information and for a confidential consultation, please contact:
EXPAT
TAX PLANNING Toll free : 1 (866) 411-1333 Expat Tax Planning is an affiliated company of :
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