Canadian Taxation of Life Insurance provides an extensive discussion on the tax treatment of life insurance and estate planning strategies.

For those who practice in the fields of estate planning and business or personal tax, a clear understanding of current rules for taxation of the life insurance policies and annuity contracts is vital. Canadian Taxation of Life Insurance is a unique and comprehensive reference source that provides inestimable assistance to lawyers, accountants, and financial and insurance advisors in evaluating, planning, and maximizing the potential benefits that life insurance products provide.

The authors discuss, in detail, the use of life insurance in business and estate planning, including income tax rules applicable to life insurance policies, from both a current and historical perspective. Extensive coverage is given to various insurance strategies, their tax consequences in corporate, Partnership, and personal contexts, as well as the accounting implications associated with these strategies.

What's New:

Current to August 4, 2023 the twelfth edition includes:

General impacts of International Financial Reporting Standards (IFRS) change beginning in 2023;
New content on financial underwriting considerations and guidelines for life insurance risks;
CRA technical interpretations regarding policy loan repayments, benefit conferral in the context of life insurance shares and transfers of life insurance policies in certain contexts;
Potential impacts on leveraged life insurance of August 4, 2023 draft legislation to strengthen the general anti-avoidance rule, proposed limitations on excessive interest and financing expenses and alternative minimum tax (AMT);
Discussion of reportable and notifiable transactions legislative amendments;
Legislative proposals on intergenerational transfers of family businesses and employee ownership trusts and the implications on insurance planning;
Tax case law concerning beneficiary designations under corporate-owned life insurance;
Updates to US Estate and gift tax exemptions to 2023;
General impacts of AMT proposals and specifically in respect of charitable donations of life insurance including a segregated fund contract and on dispositions of a segregated fund contact.
New content on segregated funds such as a TFSA on death and the interaction of segregated funds and the superficial loss rules.

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Canadian Taxation of Life Insurance, Twelfth Edition

Canadian Taxation of Life Insurance, Twelfth Edition