Resources & updates

Content in this issue includes: Message from the Chair: 2019-2020 Year in Review; Be Greedy (In Tax) When Others Are Fearful; New C.D. Howe E-Brief –“The Power of Postponement”; Prescribed Rate Loan Planning and TOSI; The Challenges of Underwriting During a Pandemic

This Practice Note will discuss the tax treatment of domestic shared ownership arrangements involving a corporate owned individual CI policy with a ROP rider owned by and with benefits payable to the employee/shareholder of the corporation (with or without leverage).

Every year the Canada Revenue Agency participates in several Tax Roundtables where it responds to a variety of questions of interest to the insurance and estate planning community. This edition of CALU Report summarizes select questions and responses from the 2018 APFF Conference and 2019 CLHIA Tax Conference and provides additional CALU commentary.

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...

In the mid-2000’s CALU published two CALU Reports which detailed the growth of the life settlements market in the United States, the regulatory environment in Canada which generaly prohibits this type of activity, and the tax and other regulatory rules that apply to life settlements in the United States and Canada...

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.

Articles in this edition include: a message from Chair Roger Sinclair; a review by Jenny Du and John Grant regarding a key tax concern with actively trading investments within a TFSA and how Budget 2019 increases the associated tax risks to TFSA holders...

This Practice Note reviews provincial restrictions relating to policyholder inducements and considers how these rules may apply to three situations which involve an advisor...

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.

Articles in this edition include: a message from Chair Marty McConnell; an explanation of the significant impact of the new “look-through” rules in section 212.1 of the ITA that may disrupt the standard post-mortem “pipeline” plan for estates with non-resident beneficiaries by Anjali Navkar and Thanusan Raveendran...

Articles in this edition include: a message from Chair Marty McConnell about the value of advice, an explanation of the mismatch in the federal and Ontario small business deduction rules by Thanusan Raveendran...

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"