Submissions and Presentations

CALU has made representations to the Department of Finance on modifications to the AMT proposed in Budget 2023. We expressed general support for the stated intent of narrowing the application of the AMT to high income Canadians but provided recommendations to address two potentially problematic areas. First to lessen the impact of the AMT on taxpayers with a large one-time income event, and second to allow trusts to benefit from the same deduction available to all other individual taxpayers. CALU will continue its advocacy on this issue in anticipation of legislation expected later this year. View the submission ...

In this letter, CALU provides recommendations to government to help inform the design of the Canadian Dental Care Plan (CDCP) which is currently under development, particularly as it relates to the dental plans offered by small businesses. View the letter

CALU submission to the Department of Finance on Registered Retirement Income Funds (RRIFs) study, relating to Private Member’s Motion M-45, introduced by the Hon. Kirsty Duncan, M.P. and adopted by the House of Commons in June 2022. View the submission

CALU pre-budget submission to the Department of Finance for “Let’s Talk Budget 2023”. View the submission

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 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 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 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 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 on the Guidance to fully endorse the Advocis commentary, while also highlighting issues of particular interest and concern for our members.