INFOexchange 2024 vol. 4 is now available!
In our final INFOexchange of 2024 you’ll read: Message from CALU’s Chair of the Board of Directors, Jeff Wilson Government Relations column from the Chair of our Tax Policy and Advocacy Committee, Diane Everett Expert article on “Insurance Policy Trusts in a Will – Your Wish is Not My Command” from Sanjana Bhatia, Scotia Wealth Management Expert article on “CRA Comments on New Intergenerational Transfer Rules” prepared by Kevin Wark, CALU Tax Advisor Download the report
INFOexchange 2024 vol. 3 is now available!
In our third INFOexchange of 2024 you’ll read: Message from CALU’s Chair of the Board of Directors, Jeff Wilson Government Relations column from the Chair of our Tax Policy and Advocacy Committee, Diane Everett Expert article on “Proposed Relief for Trust Reporting Rules” from Alex Kerslake and Ravi Singh, both from PwC Canada Expert article on “Sale of a Business: Pre-Planning Can Reduce Capital Gains Taxes” from Jamin Chen, BLG Download the report
CALU Report: Exploring the Canadian Entrepreneurs’ Incentive
Kenneth Keung and Kevin Wark explain that draft legislation on the Canadian Entrepreneurs’ Incentive released in August is improved from the original proposal in Budget 2024, but concerns remain that a significant number of small business owners will not be eligible for the deduction intended to help offset the impact of the increase in the capital gains inclusion rate to 66.67%. Download Now
CALU submission on changes to capital gains and corresponding measures announced in Budget 2024
Our submission to the Standing Committee on Finance (FINA) on its study of “Changes to Capital Gains and Corresponding Measures Announced in Budget 2024” explains that the true measure of their impact must consider other tax changes that have been implemented since 2018. We also note that the Budget 2024 capital gains proposals add to and exacerbate the already heavy burden of tax complexity and costs for small business owners. Ultimately, we recommend that the federal government commission an expert panel to review the tax rules governing small business taxation with a view to harmonizing the treatment of various types ...
CALU submission on technical tax bill: Trust reporting rules, graduated rate estates and more
CALU submission to Finance Canada on changes to various provisions of the Income Tax Act contained in technical amendments released on August 12, 2024 including trust reporting rules, graduated rate estates and more. download now
CALU submission on legislative proposals relating to Budget 2024: Employee ownership trusts (EOT)
CALU submission to Finance Canada on the capital gains exemption on qualifying sales to employee ownership trusts (EOT) provided in legislative proposals relating to Budget 2024 released on August 12, 2024. download now
CALU Practice Note: Leveraged Life Insurance and Banking Referrals
This Practice Note discusses, through a series of case studies, the federal Bank Act and provincial Insurance Act considerations relating to the referral of clients between banks (and other lending institutions) and insurance advisors. It also includes a discussion of the regulatory implications of “secondary loan” arrangements offered by certain lending institutions.(Members only) download now
CALU Special Report: Update on Life Insurance in Life Insurance Trusts
This CALU Special Report provides an update on CALU’s request for a legislative amendment to permit a life insurance trust to own and fund a life insurance policy and discusses options available to plan for the tax liability that can arise on the death of a life interest beneficiary. We extend our thanks to CALU’s tax advisor, Kevin Wark and Associate Members Florence Marino, Hemal Balsara, Stuart Dollar and Patrick Uzan for their work in preparing this publication. Download now
CALU submission in advance of the 2025 federal budget
CALU’s pre-budget submission to the Standing Committee on Finance in advance of Budget 2025. It recommends that the federal government: Commission an expert panel to review the tax rules governing small businesses Study the decline in self-employment since 2019 Update RRSP and RRIF rules to enhance the retirement income system for younger and older Canadians Provide a 35 percent refundable tax credit relating to the cost of dental care programs for employees of small businesses Develop pharmacare using the same general approach as the federal dental plan: supporting those without prescription drug coverage while leaving workplace benefit plans intact ...
Letter to Finance Canada on capital gains exemption for Employee Ownership Trusts
In this letter to the Department of Finance, we recommend amendments to legislation providing a capital gains exemption of up to $10 million to individuals who sell shares of a corporation to an Employee Ownership Trust (EOT). Download now
