Are travel insurance premiums tax deductible?
Can I get a tax deduction for my travel insurance premiums?
Yes, Canadian snowbirds and other travellers may be eligible to recoup some of the cost of their travel medical insurance premium by claiming it as a Medical Expense Tax Credit on their T1 General Income Tax and Benefit Return.
Medical Expense Tax Credits allow you to reduce your income tax liability by claiming travel medical insurance premiums and other eligible medical expenses on your tax return provided certain eligibility requirements have been met.
For example, only travel medical insurance premiums are eligible to be claimed. Other types of travel insurance such as trip cancellation/interruption insurance and baggage insurance are not eligible for the Medical Expense Tax Credits.
For additional information, please refer to our article Are my Travel Insurance Premiums Tax Deductible?
Always make sure you speak to your tax professional to get advice on claiming your Medical Tax Credit.
Disclaimer: The material provided in the Snowbird Advisor Insurance Learning Centre is for informational purposes only and does NOT constitute insurance, legal, financial or other advice, and should not be relied on as such. If you require such advice, you should speak with a qualified professional to assist you.