Canadians need health insurance at every stage of their life. Whether it’s for protection against income loss due to an illness or a disability during their working years, or protecting what they’ve built for retirement. Health insurance plays an important role in financial and retirement planning conversations—for both individuals and employers.
While the concept of health insurance isn’t new, there are many taxation issues to be considered when selecting the right product for a client. Not everyone is familiar with the specifics of the legislation or Canada Revenue Agency’s (CRA) guidance related to health insurance products. This may require you to consult with tax, legal and other professional advisors to help determine the best product recommendation for your client.
To help you navigate through these issues, Sun Life Financial has developed the Canadian Health Insurance Tax Guide. The first of its kind in Canada, this guide is designed to help you, and other professional advisors you may consult with, address the client’s taxation situation related to health insurance.
The Canadian Health Insurance Tax Guide includes articles covering topics such as:
- Private health services plans
- Medical expense tax credit
- Health and welfare trusts
- Employee life and health trusts
- Group sickness or accident insurance plans
- Individually owned health insurance policies
Also included are case studies about:
- Transferring a health insurance policy
- Corporate ownership of critical illness insurance
- Executive bonus plan with critical illness insurance
- Asset protection
- Critical illness insurance in a disability buy-sell agreement
- Guardianship, powers of attorney, trusts and health insurance
- Key person protection using critical illness insurance
With today’s rising health-care costs, an aging population and increased life expectancy, you have a unique opportunity to help clients make informed, tax-wise decisions about their financial future.
Watch for additional articles covering specific topics within the guide and information about new releases.