The eleventh edition of Canadian Taxation of Life Insurance is a resource for lawyers, accountants, advisors who sell life insurance and professionals who work with small business owners and high-net-worth individuals. Current to August 1, 2021, this book has what you need to know about the taxation of life insurance and how life insurance strategies can enhance your clients' financial and estate planning.
What is Canadian taxation of life insurance?
Canadian Taxation of Life Insurance, 10th Edition provides an extensive discussion on the tax treatment of life insurance and estate planning strategies. For those who practice in the fields of estate planning and business or personal tax, a clear understanding of current rules for taxation of life insurance policies and annuity contracts is vital.
What are the tax benefits of life insurance?
The death benefit paid from a life insurance policy is a tax-free, lump-sum amount for the beneficiary that can be used to finance a number of things. This includes paying off debts, including a mortgage, so your family can remain in the same home and community.
What is an exempt life insurance policy in Canada?
Because the accumulation of cash values in life insurance is exempt from taxation, almost all policies sold in Canada are called exempt life insurance policies. Do I pay taxes on an invested insurance payout and the accumulated interest?