Life insurance canada

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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