August 2016

Life Insurance and the 2017 Tax Legislation

 

Life insurance is an important planning tool for many Canadians. For some the protection required is temporary in nature– simply replacing income or protecting a mortgage. For others, life insurance proves invaluable in the long-term, allowing people to meet their estate planning and business succession needs.

Permanent life insurance in Canada has the added benefit of a tax-sheltered savings element. This element has been providing Canadians with flexibility in funding their plans, thus becoming an essential wealth accumulation vehicle.