Life insurance canada

New Rules Will Affect the Taxation of Canadian Life Insurance Policies, HighView Financial Group

It will be almost three years in the making but Bill C-43 effective January 2017 will update 1982 tax laws. One of the benefits of permanent life insurance is that the money, while inside a policy, grows exempt from taxes. To remain exempt from annual taxation, the savings element must not exceed certain limits, set by tax legislation. The government has now updated the rules to reflect longer life expectancy and to increase consistency across life insurance companies and products. Starting next year, the new rules will reduce the maximum amount of long-term tax-exempt savings allowed inside new policies. Existing policies will generally be ‘grandfathered’ from the new tax rules. However,...

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A Quick Guide to the Canadian Life Insurance Distribution Model

As you may know, the Canadian Life Insurance Industry can be complex and can have many, many layers! I know that when I first started working at LOGiQ , I didn’t have a clue as to what went on in life insurance past the point of filling out an application with my advisor. The financial services industry alone can cover anything from banks to insurance companies to reinsurance administration to life advisors… you name it! After a few months on the job and some behind-the-scenes work on APEXA, an industry-led compliance solution for Canadian Life Insurance advisors, MGAs and carriers, what I found was that there was a lack of thorough yet simple to understand information on the more complex...

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Canadian Insurance Dividend Stocks - Life Insurance Or Casualty Insurance?, Seeking Alpha

The Canadian insurance sector has been interesting to watch during these past years with our low interest rate climate. Not all insurance stocks have benefited from the market growth, but is it time to get back in and benefit from the rising interest rates? Some of them offer a juicy dividend to wait. Being that many are cash cows with relatively low debt, I would consider the dividend safe, and with interest rate increases coming our way, we should see some higher profits from the insurance industry in due time. Overall, I have found the industry to be disappointing for growth, but it could be a proxy to income at these levels. Below is a list of insurance stocks for the Canadian stock...

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Cross-Border Life Insurance Issues - MCA Cross Border Advisors Inc.

The to-do list associated with moving from Canada to the U.S. (or vice versa) is longer than Highway 401, which means any issues or considerations associated with life insurance policies are usually forgotten until it’s too late. Yet it is important to analyze your life insurance products prior to making a cross-border move, particularly if you own a universal life insurance policy. Universal Life Insurance Policies: Cross-Border Issues On the surface, a universal life insurance policy appears to be the same product on both sides of the border – a flexible permanent life insurance product that combines the low cost of a term insurance product with a savings element. When you...

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Setting Up Group-Term Life Insurance in Canada

Setting Up Group-Term Life Insurance in Canada Understanding Imputed Income Calculation for Canadian Group-Term Life Insurance To calculate the taxable benefit for all group-term life plans, the system performs the following processes when you run the Pay Calculation COBOL SQL process (PSPPYRUN): Determines an employee's total life insurance coverage (all plans that have a taxable benefit component defined), including both employer- and employee-paid coverage. For example, an employee might belong to several group-term life plans, such as basic life, supplemental life, and dependent life coverage. In this case, the system combines the calculated coverage of all the plans to determine...

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CRA’s views on gifts of life insurance policies to qualified donees, Global Philanthropy

CRA’s views on gifts of life insurance policies to qualified donees | Global Philanthropy CRA’s views on gifts of life insurance policies to qualified donees The Canada Revenue Agency recently released its views on when the adjusted cost base of a life insurance policy may be used to determine the cost of a life insurance policy when a life insurance policy is gifted to a qualified donee. CRA had the following comments to a question posed at the Canadian Life and Health Insurance Association (CLHIA) CRA Roundtable in May 2017. PRINCIPAL ISSUES: Where subsection 248(35) applies to a gift of a life insurance policy, could subsection 248(36) apply to determine the “cost” of the...

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Side accounts could bring two life insurance giants to their knees, Financial Post

In an era of higher interest rates in the late 1990s, two predecessor companies of Industrial Alliance Insurance and Financial Services Inc. and Manulife Financial Corp. issued life insurance policies that allowed holders to invest in side accounts that guaranteed rates of up to five per cent and four per cent, respectively. These side accounts did not contain an explicit limit on the size of investment, which means in today’s low-rate environment they are potentially lucrative for their holders and a significant liability for the companies that wrote them. At least three limited partnerships purchased such policies several years ago in Saskatchewan, one of only four Canadian...

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2017 EY Canadian life insurance outlook - EY - Canada

Executive summary The Canadian life insurance landscape continues to face numerous changes as it heads into 2017. The digital revolution, in particular, continues to be a major disruptor, affecting how insurers innovate their operations and how they reach their customers. Adding to that are ongoing regulatory pressures, a change in the capital regime, tax changes for policyholders, political and economic uncertainty and a widening talent gap, all of which will combine to influence how insurers tackle the year ahead. Insurers need to adapt to the new solvency standard, which will likely be ready for implementation in Q1 2018. Canada’s Office of the Superintendent of Financial...

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A Totally-Not-Boring Guide to Life Insurance, Wealthsimple

Wealthsimple is a whole new kind of investing service. This is the latest installment of our “ How To ” series, where we lay out smart and easy-to-understand advice on navigating the financial world. You could make the argument that buying life insurance is the pentathlon of adulting. In service of being responsible and planning for the future, you fill out forms, estimate your living (and dying) expenses, and navigate phone calls with financial professionals to discuss things that are probably boring to financial professionals. There’s even a medical exam portion of the event. Until, finally, the marquee moment: You write your first large-ish cheque to a faceless insurance corporation — a...

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