Basic Life Insurance
The monthly premiums for Basic Life Insurance are as follows:
|$0.158 per $1,000 of coverage
After you reach age 65, NAV CANADA will pay 100% of the premium for the first $5,000 of coverage; you pay for any remaining coverage.
Premiums are subject to provincial tax: for Ontario (8%), Quebec (9%) and Manitoba (8%), and Saskatchewan (6%).
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.