No. Disability insurance premiums should never be deducted against your personal or professional income.
Any payments receive from your disability insurance, if properly structured by your insurance agent, should be non-taxable when received. If you deduct the premiums from your income then you could taint the policy and make any payments received from the policy taxable.
Also, disability insurance premiums should always be paid from your personal bank account. If incorporated, the corporation should never fund these premiums since they are a personal expense.
Life insurance is also not deductible for tax purposes as any payment of the policy is non-taxable under the Income Tax Act (ITA).
If you are incorporated there may be an opportunity for your corporation to pay for the life insurance premiums, but there are risks involved. Please see the advantages and disadvantages to holding life insurance in a corporation FAQ for more information.
Please contact our office or your insurance agent if you have questions about your disability or life insurance policies.
