INFOexchange 2024 vol. 1 is now available!
This year’s first edition of INFOexchange includes the final message from our Chair, Robert McCullagh. CALU thanks you for your term in this role - much has been accomplished under your leadership. Also included is an advocacy update from Board member and Chair of the Government Relations Committee, Diane Everett, LLB, CLU, TEP, FEA, CS, followed by two expert articles from Tracy To, B.Sc., CLU, CEA, on “Navigating critical illness insurance claims”, and Florence Marino, on “Canada Revenue Agency commentary involving life insurance and trusts.” Download the report
CALU Report – The tax treatment of FHSAs on death
This CALU Report summarizes the tax treatment of funds held in a First Home Savings Account (FHSA) on the death of the holder under various scenarios. Download now
General Anti-Avoidance Rule (GAAR) – New and unproved!
This article highlights the main changes to the General Anti-Avoidance Rule (the GAAR) measures included in Bill C-59 and notes several important modifications from the draft form of the legislation released in August 2023. (Members only) Read more
CALU Report – Business transfer rules changing in 2024
In this CALU report, Jason Lau and Kenneth Keung from Moodys Tax Law review the new intergenerational business transfer rules relating to section 84.1 of the Income Tax Act that are expected to take effect in 2024. (Members only) Download now
INFOexchange 2023 vol. 4 is now available!
The final issue of INFOexchange for 2023 includes a message from our Chair, Robert McCullagh, as well as an advocacy update from Board member and Chair of the Government Relations Committee, Diane Everett. Also included are two expert articles: “Disability insurance claims: Be involved” by Christopher Riddell, CLU, CHS, Partner, Wise Riddell Financial Group, Justine Zavitz, CLU, CFP, CHS, GBA, Vice-President & Advisor, Zavitz Insurance & Wealth Inc., Samuel Waxman, CLU, CFP, CHS, CEA, Life and Living Benefits Insurance, Waxman Planning, Scott Beckett, MBA, President, Edgewater Financial Group; and ”, and “CLHIA 2023 CRA Roundtable – The CRA responds” ...
CALU Practice Note – Best practices for professional networking arrangements
The CALU Market Practice Committee (MPC) recently considered a client referral arrangement between an accounting firm and insurance advisors which raised potential market practice and regulatory compliance issues. CALU has now developed a Practice Note which discusses a number of legal, regulatory and tax issues relating to client referral arrangements between insurance advisors and accounting firms, as well as setting out best practices for CALU members to follow when contemplating referral arrangements of this nature. (Members only) Download now
CALU Report – AMT update: New legislation released
This CALU Report on the Alternative Minimum Tax (AMT) updates a previous report and includes a review of the key rules as modified by the August 2023 draft legislation from the Department of Finance. (Members only) Download now
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 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 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
