Kevin Wark , LLB, CLU, TEP is managing partner, Integrated Estate Solutions, and tax consultant, Conference for Advanced Life Underwriting. He’s also the author of The Essential Canadian Guide to Estate Planning.
Three scenarios that show how insurance can meet the goals of HNW individuals
The Canada Revenue Agency (CRA) announced last year that it would be reviewing leveraged insurance arrangements, commonly referred to as “10/8 programs.” This review is supposed to be part of a broader audit project relating to insurance company policyholder tax compliance. Insurance leverage programs typically comprise the following characteristics: 1. An individual or corporation acquires […]
Much has been written about the Canada Revenue Agency’s plans to review leveraged insurance arrangements, also known as 10/8 programs. These programs typically have the following characteristics: An individual acquires an “exempt” insurance policy to fund estate or succession liquidity needs. In addition to the cost of insurance charges, the policyholder makes additional deposits into […]