Finance Proposes Amendments for Disposing of an Interest in a Life Insurance Policy

On September 16, 2016, the Department of Finance released proposed amendments to the Income Tax Act (Canada). Contained in that package are a series of proposed amendments to the rules in section 148 for determining the income tax consequences of the disposition of an interest in a life insurance policy.

View the proposed amendments here: http://www.fin.gc.ca/drleg-apl/2016/ita-lir-0916-eng.asp

Prepared by: Kyle Lamothe

Kyle is an associate at the Toronto office of Thorsteinssons. Kyle’s practice focuses on domestic and international tax planning for individuals, trusts, and corporations, including succession and estate planning, reorganizations, business structuring and representing taxpayers who have disputes with the… more »

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