Recently approved Bill C-43 introduced a few important changes to the taxation of disposition of life insurance policies. Generally speaking, starting January 1, 2017 the Adjusted Cost Basis (ACB) of the insurance policies will be higher. It creates three major consequences:
Summarizing the changes, we should conclude that the business owners and anybody else who plan on using the insurance policy as a wealth accumulation (or wealth transfer) vehicle have a limited time to take advantage of the current rules – the window closes on January 1, 2017.
If you would like to get more technical details on this issue, please read here.
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To give you information for updated tax rates, click on the link below: Essential tax…