My $10,000 life policy in Canada became paid up in 2021. I received a pure endowment payment of $3,110. From this payment 50% Canadian tax was deducted of $1,555.
I have always claimed the income from this insurance as arms length interest payments on my taxes.
My premiums over the years totaled $7,717.50
How do I claim the endowment on my 2021 taxes or do I claim it because I have paid tax on the interest over the years.
