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Canadian Taxation of Life Insurance, Eighth Edition
By: Manulife Financial, Tax, Retirement & Planning Services, Florence Marino, B.A., LL.B., TEP, John Natale, B.Comm., LL.B.
ISBN/ISSN/Product Number: 978-0-7798-7188-9
Product Type: Book S.O. Annual/biannual/biennial
Anticip. Upkeep Cost: New editions supplied (every 2 years) on standing order subscriptions
Number of Pages: Approximately 700 pages
Number of Volumes: 1 volume bound
Binding: softcover
Publication Date: 2016-03-31
Publisher: Carswell
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$119.00
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Description

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 & 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 in the 8th edition:Current to August 1, 2015 the eighth edition includes:
  • The enacted changes to the exempt test and related policyholder tax rules which will be effective January 1, 2017;
  • The final enacted measures relating to the elimination of the tax benefits of 10/8 plans and leveraged insured annuities;
  • The potential impacts of the 2015 Federal budget changes to subsection 55(2) when transferring a life insurance policy as a dividend in kind;
  • Impacts of the enacted changes to the taxation of testamentary trusts and "life interest" trusts applicable January 1, 2016;
  • Enacted changes made to the taxation of charitable gifts on death including gifts by direct designation of life insurance;
  • The proposed rules relating to charitable gifts of proceeds of sale of private company shares or real estate;
  • Updates relating to changes to the US estate tax and an expanded discussion to include US Income tax issues relating to the holding of life insurance by US persons in Canada;
  • Enacted changes to the taxation of prescribed annuity contracts effective January 1, 2017 and measures relating to the testamentary trust rule changes impacting what trusts can hold a prescribed annuity effective January 1, 2016; and
  • Expanded discussions involving charitable donations of segregated funds and corporate ownership of segregated funds.
Table of Contents:
  • Chapter 1: The History of Life Insurance Policy Taxation and Changes to Take Effect in 2017
  • Chapter 2: Life Insurance Products
  • Chapter 3: Taxation of Life Insurance Policies, Dispositions, and Selected Valuation Issues
  • Chapter 4: Leveraged Life Insurance – Borrowing Against a Policy
  • Chapter 5: Personal Life Insurance Needs and Applications
  • Chapter 6: Business Insurance Needs Technical Issues
  • Chapter 7: Business Insurance Needs – Applications
  • Chapter 8: Spilt-Dollar Insurance Arrangements
  • Chapter 9: Trusts and Life Insurance
  • Chapter 10: International Issues
  • Chapter 11: Life Insurance and Partnerships
  • Chapter 12: Insurance and Charitable Giving
  • Chapter 13: History of Annuities and Segregated Funds
  • Chapter 14: Taxation of Annuity Contracts
  • Chapter 15: Deferred Annuities
  • Chapter 16: Planned Giving with Annuities
  • Chapter 17: Insured Annuities
  • Chapter 18: Taxation of Structured Settlements
  • Chapter 19: Segregated Funds
About the Author
Florence Marino, B.A., LL.B., TEP, began her career as a tax lawyer at Stikeman Elliott LLP, Toronto. Her experience includes personal and corporate tax, trusts, estate planning and administration, as well as life insurance and critical illness insurance taxation. She joined Manulife Financial in 1989 and, in 1994, she became Assistant Vice President of the Tax & Estate Planning Group. She provides tax, estate and insurance planning support and consultation to advisors regarding complex cases in the affluent and business markets. She is a member of the Canadian Bar Association, the Canadian Tax Foundation, the Waterloo- Wellington Estate Planning Council, the Conference for Advanced Life Underwriting and the Society of Trust and Estate Practitioners. She is a frequent speaker at industry conferences and seminars including the Canadian Tax Foundation, the Conference for Advanced Life Underwriters, STEP and Advocis and has published numerous articles for Federated Press Insurance Planning.
John Natale, B.Comm., LL.B., is the Assistant Vice President of the Tax, Retirement & Estate Planning Services and Advanced Sales Concepts team for Manulife Financial. He joined Manulife in 2001, having previously worked for a national accounting firm and a private law firm. He has experience with estate planning and wealth management strategies and a wide variety of general tax matters including trusts and annuities. John is a frequent speaker at industry conferences and seminars, has published articles on estate planning and income strategies, and has appeared as a guest expert on BNNTV. He has a Bachelor of Commerce degree from the University of Toronto and a Bachelor of Law degree from the University of British Columbia. John was called to the Ontario Bar in 1998. He has obtained his CSC certificate and completed the CICA In-Depth Tax Course. John has an Elder Planning Counselor (EPC) and a Certified Financial Planner (CFP) designation and is a member of the Ontario Bar Association and the Canadian Tax Foundation.
CPD