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  • The New GAAR and Its Impact on Insurance Planning: Reassessing the Viability of Financing Premium

    The New GAAR and Its Impact on Insurance Planning: Reassessing the Viability of Financing Premium

    In the realm of high-net-worth insurance planning, Immediate Financing Arrangements (IFAs) have emerged as a popular strategy. These arrangements allow policyholders to purchase life insurance while simultaneously obtaining a loan to cover the premium payments, with interest payable on the outstanding loan until death. The key attraction of IFAs is the ability to deduct the

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  • Understanding Cash Surrender Value (CSV) Tax Implications in Canadian Life Insurance Policies

    Understanding Cash Surrender Value (CSV) Tax Implications in Canadian Life Insurance Policies

    When planning for life insurance in Canada, it’s crucial to understand the concepts of Cash Surrender Value (CSV) and Adjusted Cost Basis (ACB). These elements play a significant role in the tax treatment of life insurance policies, impacting both individuals and corporate policyholders. Here’s an in-depth look at how they work and their implications under

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  • Manulife: Have we entered another tax dimension?

    With increased funding and audit powers, the Canadian Revenue Agency (CRA) is an increasingly formidable force. Recent changes to the Income Tax Act have taxpayers and their advisors facing the burden of disclosing aggressive tax planning to the CRA. In this eye-opening episode, Desiree D’Souza, Assistant Vice President, Tax and Estate Planning and Florence Marino,

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