If the premiums are paid on a regular basis and the premium rate for each individual is not
affected by age or gender, the benefit is as follows:
the term insurance premiums payable on the individual’s life
Plus
Any provincial insurance levies or sales tax (8% for Ontario, 7% for Manitoba, and 9% for Quebec) that employers must pay on some insurance premiums.
Minus
Premiums and taxes paid by the employee, either directly or through reimbursements to you
The value of this benefit does not include GST/HST