CALU Reports
CALU Report – Private corporate tax accounts: Timing is everything
The Income Tax Act (ITA)1 establishes a number of different tax accounts for private corporations to ensure proper integration of taxes with shareholder distributions and to minimize tax avoidance transactions.
CALU Report – Life insurance shares – An overview
The latest CALU Report by Florence Marino is now available! Learn about tax (and non-tax) considerations for corporate-owned life insurance,
CALU Report – Donation of Private Corporation Shares
Business owners with philanthropic intentions value tax-efficient charitable giving strategies. Read this CALU Report to understand how the use of corporate-owned life insurance to fund a charitable gift improves tax-efficiency and can lead to a legacy of gifting through generations.
CALU Report – The Principal Residence: Income Tax and Probate Considerations
The principal residence is an important asset to consider in most Canadian estate plans. This is not surprising since, for couples who are home owners, their home is not only a place to build their lives together, but also often one of their key investments.
CALU Report – 2020 Finance Roundtable Questions and Responses
On November 18, 2020 CALU held its first ever virtual CALU Finance Roundtable.
CALU Report – Shared Ownership Arrangements: New Planning/New Perspectives – Part 2
This CALU Report is the second in a two-part series entitled Shared Ownership Arrangements – New Planning/New Perspectives.
CALU Report – 2020 CALU CRA Roundtable Questions
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...
CALU Report – Shared Ownership Arrangements – New Planning/New Perspectives
This CALU Report provides a description of shared ownership arrangements, discusses new product applications and related premium sharing issues.
CALU Report – Can the CRA Pursue the Beneficiary of a Life Insurance Policy?
Section 160 of the Income Tax Act (the “Act”) broadens the power of the Canada Revenue Agency (CRA) to collect on income tax debts....
CALU Report – APFF and CLHIA CRA Roundtable Round-Up
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.
CALU Report – U.S. Reporting Obligations for the Life Insurance Settlement Industry
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...
CALU Report – Common Law Will Revocation Clauses and RRSP/RRIF Beneficiary Designations
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.
