CALU submission for the pre-budget consultations in advance of the 2024 federal budget
CALU pre-budget submission to the Standing Committee on Finance in advance of Budget 2024. The submission updates our recommendations from last year and adds a new one related to the recent decrease in the number of self-employed individuals in Canada. Specifically, we recommend that the federal government: Support small business owners on family business succession, and closely monitor the recent reduction in the number of self-employed individuals in Canada and take action as needed. Enhance Canada’s retirement income system (on RRSPs and RRIFs) Strengthen Canada’s dental care system View the submission
INFOexchange 2023 vol. 2 is now available!
This year's second edition of INFOexchange includes the first message from our Chair, Robert McCullagh, as well as the first advocacy update from our new Board member and Chair of the Government Relations Committee, Diane Everett. Also included are two expert articles from Stuart Dollar, LLB, on "Non-resident tax on a disposition of a life insurance policy in Canada", and Susannah B. Roth, Hon. B.A., LL.B., TEP, on "Attorneys for property and beneficiary designations for life insurance policies." (Members only) Download the report
CALU submission to Finance on DRD proposals
CALU writes Finance Canada to communicate our concerns with proposals contained in the 2023 federal budget (Budget 2023) that would deny the dividend received deduction (DRD) for dividends received by life insurance companies on shares that are mark-to-market property. View the submission View the attachment
Finance Canada report on RRIF and Minimum Withdrawal Requirements
A new report on rules governing registered retirement income funds (RRIFs) on which CALU provided input was recently tabled in the House of Commons. The report addresses several key issues for the program including the conversion age, minimum withdrawal rates and the underlying assumptions used to determine the withdrawal formula. While the report does not make any specific recommendations, it contains a wealth of information that should be helpful to both the government and stakeholders in evaluating whether the existing RRIF withdrawal rules need to be modified. Read the report Lire le rapport
CALU Practice Note – Term Riders and short-pay permanent policies
This Practice Note discusses potential concerns with using term riders for the primary purpose of creating short-pay (less than five years) permanent policies. It also shares the steps CALU has taken to develop an industry consensus on how to deal with these concerns, and guidance in terms of illustrating term riders on permanent policies. (Members only) Download the report
CALU Submission to Finance on AMT
CALU has made representations to the Department of Finance on modifications to the AMT proposed in Budget 2023. We expressed general support for the stated intent of narrowing the application of the AMT to high income Canadians but provided recommendations to address two potentially problematic areas. First to lessen the impact of the AMT on taxpayers with a large one-time income event, and second to allow trusts to benefit from the same deduction available to all other individual taxpayers. CALU will continue its advocacy on this issue in anticipation of legislation expected later this year. View the submission ...
CALU Report – Insurance trusts
A life insurance trust is an effective vehicle for distributing life insurance proceeds in a way that meets the particular needs of both the insured and beneficiaries, with the proceeds benefiting from creditor protection and probate avoidance. In this CALU Report Dianna Flannery reviews the circumstances where a life insurance trust may be used, how to properly establish a life interest trust, as well as related tax and other planning considerations. (Members only) Download the report
CALU letter to government Re: Design of Canadian Dental Care Plan (CDCP)
In this letter, CALU provides recommendations to government to help inform the design of the Canadian Dental Care Plan (CDCP) which is currently under development, particularly as it relates to the dental plans offered by small businesses. View the letter
CALU Practice Note – Best practices for insured leveraging programs – Part II
This Practice Note (Parts I and II) is designed to provide guidance to CALU members on how to identify appropriate clients for insured leveraging programs and ensure you have the necessary information to guide them and their other professional advisors in making an informed decision before implementation. Each client’s circumstances will of course influence the nature of the information that needs to be provided. Practice Note (Part I), published for CALU Members earlier this year, focused primarily on issues relating to marketing leveraged programs, client communications and disclosure, due diligence on lending arrangements and longer-term management issues. This Practice ...
INFOexchange 2023 vol. 1
INFOexchange 2023 volume 1 is now available. The issue includes a final message from our Chair, Kelly Adams, as well as an advocacy update from the Chair of the Government Relations Committee, Kate Pal. Also included are two expert articles authored by Demetre Vasilounis, Fasken and Florence Marino, B.A., LL.B., TEP, Head of Tax, Retirement & Estate Planning, Manulife on “Estate Planning for Millennials and Gen Z” and “Holdco owner/opco beneficiary – A real case with different facts”. (Members only) Download the report
