CALU submission to Finance on LI in LI trusts
CALU submission to request an amendment to the Income Tax Act in response to Canada Revenue Agency (CRA) interpretations relating to the ownership of life insurance by a life interest trust. The CRA has taken the position that, where the terms of a trust permit the trustee to fund a life insurance policy, the trust will not meet the conditions set out in subparagraph 70(6)(b)(ii) or 73(1.01)(c)(i) to be a spousal or common-law partner trust. In particular, the CRA’s view is that if the terms of the trust permit the payment of premiums by the trust, this can result ...
CALU submission on Proposed Notifiable Transaction Rules
CALU submission on Proposed Notifiable Transaction Rules recommending that the exclusion provided to financial institutions under draft subsection 237.4(6) not be part of the final notifiable transaction legislation. This would ensure these financial institutions play a similar role in reporting to the CRA, as compared to other financial and advisory organizations, by ensuring that proper reporting is being provided by the employer in respect any advisory services provided by their employees that relate to a notifiable transaction. Alternatively, the exclusion in draft subsection 237.4(6) should be extended to all employees of these financial institutions, subject to the same limitations ...
CALU submission for the pre-budget consultations in advance of the 2023 federal budget
CALU submission to the House of Commons Standing Committee on Finance with recommendations regarding small businesses, retirement and health care. View the submission Mémoire en français
CALU request for technical interpretation from CRA on jointly owned policies
CALU submitted a request for interpretation to CRA relating to the application of subsection 148(7) of the Income Tax Act to the joint owners of a life insurance policy on the death of one of the joint owners. Provided at the end of the submission is more information on the legal and tax nature of joint ownership with right of survivorship and tenancy in common, as well as a discussion of the property law underpinnings of life insurance as a “chose in action”. View the submission
CALU submission to Finance on Bill C‐208 and section 84.1
CALU submission in response to the consultation announced in Budget 2022 relating to how the existing rules in section 84.1 of the Income Tax Act could be strengthened to protect the integrity of the tax system while continuing to facilitate genuine intergenerational business transfers. View the submission
CALU submission to CCIR-CISRO on Incentive Management Guidance
CALU submission on the Guidance to fully endorse the Advocis commentary, while also highlighting issues of particular interest and concern for our members.
CALU request on PHSP Limits under Section 20.01 and 144.1 of the Income Tax Act
CALU submission to the Department of Finance to consider an increase in the deduction permitted under section 20.01 of the Income Tax Act for sole proprietors and partners in respect of premiums or contributions to a private health services plan.
CALU submission to the Commissioner of Lobbying on the draft Code
CALU submits recommendations to the Commissioner of Lobbying based on the opinion that the current draft version of the Code contains elements that are unworkable, unenforceable and present an overreach specifically with the definitions of close relationships, low-value gifts and political activities. View the submission
Pre-budget consultations in advance of the 2022 federal budget (update)
CALU submission to the Department of Finance with recommendations to best support economic growth, make life more affordable and build an even stronger economy for the future. View the submission
CALU submission to consultation on the Underused Housing Tax
CALU comments to the Department of Finance on its consultation relating to the underused housing tax announced in Budget 2021. View the submission
