CALU submitted a request for interpretation to CRA relating to the application of subsection 148(7) of the Income Tax Act to the joint owners of a life insurance policy on the death of one of the joint owners. Provided at the end of the submission is more information on the legal and tax nature of joint ownership with right of survivorship and tenancy in common, as well as a discussion of the property law underpinnings of life insurance as a “chose in action”.

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