Basic Life Insurance
The monthly premiums for Basic Life Insurance are as follows:
||$0.15 per $1,000 of coverage|
Premiums are subject to provincial tax: for Ontario (8%), Quebec (9%) and Manitoba (8%).
Life insurance premiums and provincial tax paid by NAV CANADA constitute a taxable benefit under the Income Tax Act. This amount is added to your T4 and Relevé 1 slips, for active employees. Applicable income tax is deducted from your pay. If you live in Quebec and work in another province you will not receive a Relevé 1 slip.