Submissions and Presentations

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 ...

November 2, 2022|Categories: Submissions and Presentations|

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

July 20, 2022|Categories: Submissions and Presentations|

CALU’s updated recommendations on section 84.1

CALU members will remember the enactment of Bill C-208 back in June to amend section 84.1 in regards to fair taxation of family business succession, after which Finance Canada announced its intention to introduce further amendments to better accommodate genuine intergenerational business transfers while still protecting against potential tax abuse. CALU volunteers and staff have taken the pro-active step of reviewing and updating our recommendations and submitting those to Finance. View the submission

October 1, 2021|Categories: Submissions and Presentations|



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