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Tax Time Tips: How to Claim Insurance Premiums and Maximize Your Refund

Tax season is around the corner, are you claiming all the deductions you're entitled to? If you're self-employed, work from home or own rental property, you may be eligible to claim portions of your insurance premiums as tax deductions. 

To claim insurance premiums as a tax deduction, you will likely need documentation confirming the premiums you paid during the tax year. To help you with that, if you're a TD Insurance home or auto customer, we've made it easy for  you to request a confirmation of insurance premium online so you can  have the documentation you need to file with confidence.

Self-Employed and Using Your Car for Business?

If you use your vehicle for business purposes, the Canada Revenue Agency (CRA) allows you to claim a portion of your car insurance premium as a deductible expense. This falls under "other vehicle expenses", which may include:

  • Insurance
  • Fuel
  • Lease payments
  • Maintenance

Tip: Only the portion of your car insurance related to business use can be deducted1.  Keep a mileage logbook in your vehicle to track your business mileage and related gas expenses.

Working from Home with a Dedicated Workspace?

If you work from home and meet CRA's criteria for a home office2, you may be able to claim part of your home insurance premium. The amount you can claim depends on the size and use of your workspace.

Tip: Visit the CRA website to confirm eligibility and calculation methods. 

Own Rental Property?

If you own a property and rent it out, or if you rent out part of your own home, you may be able to claim insurance premiums paid on that property3.

  • Full amount if the property is entirely rented out.
  • Partial amount if only a portion of your principal residence is rented out.

 Tip: Refer to the CRA website for full details on rental property deductions. 

How to Request a Confirmation of Insurance Premium

You can easily request a confirmation of your insurance premium online by completing our online Income Tax Letter Request Form (Note: This form supports requests for tax years 2023 and beyond. For earlier years, please contact us directly.

What You'll Need:

  • Your full policy number(s)
  • The tax year (s) you're requesting

What to Expect:

  • We'll process your request within 10 business days.
  • If you provide your email address within the form, you'll receive your confirmation of premium via TD Secure email to protect your personal information, otherwise, we'll mail it to you.

Looking for More Ways to Save?

Visit our Ways to Save on Insurance page for more tips.

*If you have a TD Insurance residential or automobile policy, contact us to make sure your business activity is covered, so that  we can ensure we are providing you with the right coverage.