On November 18, 2020 CALU held its first ever virtual CALU Finance Roundtable.

This CALU Report is the second in a two-part series entitled Shared Ownership Arrangements – New Planning/New Perspectives.

On July 8, 2020 CALU held its first ever virtual CALU CRA Roundtable. CALU wishes to thank CRA representatives Stéphane Charette – Director, Financial Industries and Trust Division, CRA and Bob Naufal – Senior Manager, Income Tax Rulings Directorate, CRA...

This CALU Report provides a description of shared ownership arrange­ments, discusses new product applications and related premium sharing issues.

Section 160 of the Income Tax Act (the “Act”) broadens the power of the Canada Revenue Agency (CRA) to collect on income tax debts....

Every year the Canada Revenue Agency participates in several Tax Roundtables where it responds to a variety of questions of interest to the insurance and estate planning community. This edition of CALU Report summarizes select questions and responses from the 2018 APFF Conference and 2019 CLHIA Tax Conference and provides additional CALU commentary.

Life insurance proceeds received on the death of a U.S. life insured are generally not taxable to beneficiaries under the U.S. Internal Revenue Code. Thus, similar to the situation in Canada, life insurance provides a tax-effective way to provide liquidity on the death of a U.S. person...

Provincial legislation and, to a greater extent, statutory interpretation dictates the effectiveness of RRSP and RRIF beneficiary designations. While common law provincial laws outline the legal requirements for making and revoking beneficiary designations under RRSP and RRIF plans, there are important variations.

This article will specifically address the income tax consequences of owning a life insurance policy acquired in a foreign jurisdiction, where such a policy is held directly by the individual or through a wholly-owned foreign corporation of the individual, and that individual becomes a Canadian resident.

There are two articles in this latest edition of CALU Report: "Budget 2018 – New Draft Legislation Released" and "Impact of U.S. Tax Reform on Cross-Border Planning"

As part of its 2018 Annual General Meeting, CALU held a CRA-Finance Roundtable. Participants included: Stéphane Charette, CPA, MBA, Director, Financial Industries and Trusts Division, Canada Revenue Agency; Bob Naufal, CPA, Manager, Financial Institutions Section, Canada Revenue Agency; and; Trevor McGowan, Director General (Legislation), Tax Legislation Division, Tax Policy Branch, Department of Finance

There are two articles in this latest edition of CALU Report: “Pre-separation Estate Planning – Asking for Trouble?” and “Changes to Voluntary Disclosure Program”