Opco, as the revocable beneficiary of a life insurance policy, might be required to include an amount in income under subsection 246(1) of the Income Tax Act where the holdco-shareholders of Opco had paid the premiums under the policy. The…
Insurance tracking share
The CRA appears to accept that the cash surrender value (CSV) of a life policy held by a corporation can be allocated to a special tracking share (and not other issued shares of the corporation) for the purposes of 70(5),…
Life insurance changes
Grant Thornton’s Tax Release entitled “New rules for life insurance” does a good job of using English to explain some proposed changes to the Income Tax Act (Canada) and the Income Tax Regulations that will affect insurance policyholders. The Release…