CALU report

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"

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

In this latest edition of CALU Report, CALU members Russ Lavoie and Susan Ellis focus on the tax aspects of these funds, and review the differences between the products to explain why the tax results can sometimes differ significantly.

The state of retirement savings – and the retirement income security of Canadians – has been the subject of considerable public debate over the past decade. Several “fixes” have been proposed, based on various understandings of the “problem”.

The Ontario provincial court issued a blow to interprovincial tax planning using trusts in the recently released decision The Herman Grad 2000 Family Trust v. The Minister of Revenue, (“Grad Trust”). The Grad Trust case is a recent addition to two similar cases released in 2015, the decisions Discovery Trust v. Canada (National Revenue) and Boettger, es qualites de fiduciaire du Nancy Smith c. L’agence du revenue du Quebec.