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, […]
Category Archives: Income Tax Rules
Maximize your client’s tax benefits before the January 1, 2017 life insurance tax changes. It has been a long time since there have been major life insurance tax changes in Canada. 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 […]
Changes to cash reserve tax rules will increase permanent life insurance premiums. There are multiple changes to the income tax legislation resulting in an increase in Term 100 or Level Cost of Insurance Policy (LCOI) premiums. This change impacts those who want permanent life insurance at a minimum lifetime premium. While the legislation changes are […]
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