New taxation rules slow down life insurance product introductions in 2017.
As the end of the year arrives and, with it, the new taxation rules for life insurance, we are starting to receive information on the new life insurance products.
The reasons for the carriers’ slow introduction of new products:
#1. New life insurance tax rules (effective January 1, 2017) were introduced in 2016 to reflect current mortality rates and heightened requirements by the regulators for standardization across insurers and products. These rules replace the current and more favourable tax rules, and have created a tremendous […]
With a bold headline, Strong economy pays dividends, the BC Provincial Government announced on September 15, 2016, that it would be scrapping the proposed 4% BC MSP premium rate increase that it had announced earlier this year.
“B.C.’s strong economic growth and better-than-forecast revenues” are Finance Minister Mike de Jong’s reasons for the government’s decision to scrap the premium increase and to deliver “dividends” to British Columbians.
Who doesn’t benefit from the reversal of the 4% BC MSP premium increase?
As we wrote in April of this year, changes […]
Take advantage of current and favourable CRA rules to fund capital gains tax liabilities.
It has been a long time since major changes were made to life insurance legislation in Canada that negatively impact your ability to fund capital gains tax. That’s all about to change with the introduction of new exempt test rules for life insurance policies. The new legislation reflects current mortality rates, new insurance product design, and heightened requirements for standardization across insurers and products. The new rules replace the current and more favourable rules which remain in place until the end of 2016 […]
Take advantage of current CRA rules to save tax, and maximize wealth and cash flow.
It’s been a long time since major changes were made to life insurance legislation in Canada that negatively impact your ability to save tax. That’s all about to change with the introduction of new exempt test rules for life insurance policies. This new legislation has a negative impact on the tax benefits of certain insurance strategies. Your options? Plan now and take advantage of the current and more favourable Canada Revenue Agency (CRA) rules. Policies issued prior to January 1, 2017 […]