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 […]
Get your application in before October 1, 2016 insurer warns.
Last week, Industrial Alliance announced that any life insurance application submitted after October 1, 2016 would be based on their new 2017 product. This news is not unexpected. With the introduction of less favourable tax rules for certain life insurance products coming into effect January 1, 2017, people are looking to maximize their tax shelter room. Policies established before January 1, 2017 will be grandfathered. For more details on the changes read more here.
The new 2017 rules reduce the amount of investment capital that can be held […]