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Canadian Taxation of Life Insurance, Sixth Edition

Canadian Taxation of Life Insurance, Sixth Edition    
Format Softcover
Catalogue No. 978-0-7798-4942-0
Pages 612
Language English only
Price $114.00
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Edited by Florence Marino, B.A., LL.B., and Gail Grobe, C.A., C.F.P., of the Tax and Estate Planning Group, Manulife Financial.
Published by Carswell, 2012.

This title is updated biennially. The sixth edition was released March 2012. The fifth edition was released March 2010.


For those who practice in the field of business or personal tax and estate planning, a clear understanding of current rules for taxation of life insurance policies and annuity contracts is a vital requirement for success.

Canadian Taxation of Life Insurance is a comprehensive reference source that provides inestimable assistance to lawyers, accountants and financial and insurance advisors in supplying clients with business or personal tax and estate planning advice — and in evaluating, planning and maximizing the potential benefits that life insurance products provide. The income tax rules applicable to life insurance policies are discussed from a current and historical perspective.

The book discusses in detail the use of life insurance in estate and business planning contexts and the resulting tax consequences associated with these uses. In addition to the tax consequences of life insurance in the corporate, partnership or personal contexts, this book also discusses the accounting consequences associated with certain of these contexts. The tax consequences associated with common transactions involving life insurance policies, for example, transfers of ownership or other dispositions of a policy, are also discussed in depth.

Current to August 1, 2011, Canadian Taxation of Life Insurance, Sixth Edition includes:
  • Expanded discussion of life insurance shares;
  • Analysis of benefit issues and impacts on planning of CRA commentary concerning different owner and beneficiary structures in corporate groups;
  • Consideration of case law relating to the capital dividend account and constructive receipt of life insurance proceeds in respect of creditor insurance policies;
  • A new section on winding up a retirement compensation package arrangement that holds life insurance;
  • Updates relating to changes to the US estate tax arising from recent legislation;
  • A more detailed discussion of emigration and immigration with life insurance policies and subsequent transactions relating to them;
  • Examination of the impact of the repeal of 80% disbursement quota on gifts of life insurance, and;
  • Specific considerations of relevant Quebec Civil Code provisions and concepts in certain cases.
Table of Contents:
  • Preface
  • History of Life Insurance Policy Taxation
  • Life Insurance Products
  • Taxation of Life Insurance Policies, Dispositions, and Selected Valuation Issues
  • Leveraged Life Insurance - Borrowing Against a Policy
  • Personal Life Insurance Needs and Applications
  • Business Insurance Needs - Technical Issues
  • Business Insurance Needs - Technical Applications
  • Split-dollar Insurance Arrangements
  • Trusts and Life Insurance
  • International Issues
  • Life Insurance and Partnerships
  • Insurance and Charitable Giving
  • History of Annuities and Segregated Funds
  • Taxation of Annuity Contracts
  • Deferred Annuities
  • Planned Giving with Annuities
  • Insured Annuities
  • Taxation of Structured Settlements
  • Segregated Funds
  • Appendix
  • Index
Canadian Taxation of Life Insurance is written by the Tax and Estate Planning Group of Manulife Financial. All contributors are professionals who draw on extensive experience in developing innovative and tax-effective life insurance strategies as they apply to complex estate planning situations. The text is edited by: Florence Marino, LL.B., TEP, Assistant Vice President, of the Tax Estate Planning Group of Manulife Financial. She is a frequent speaker and lecturer within the life insurance industry, the academic community and for professional bodies.

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This page last modified: April 3, 2012

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