Tax season 2014 – submission of PHI tax certificate

Please remember that it has been confirmed that an IRP5 or IT3(a) certificate will serve as confirmation of payment of income continuation insurance premiums towards a policy issued to the employer, for the purposes of the employee’s claim for a tax deduction.

Therefore, if the income continuation policy is in the name of the employer the IRP5 is sufficient and employees will not be required to submit a tax certificate when submitting their return, however, if the policy is in the name of the member the underwriter will need to issue a certificate.

Should you require more information, please contact your Associate or the office.

Thank you and regards, The TSA Team

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