insurance

Can the CRA seize the proceeds of life insurance?

An existing tax debt at the time of death can wreak havoc on the administration of an estate and can jeopardize the estate and insurance planning. This is because the Canada Revenue Agency (“CRA”) is not your typical creditor and has statutory powers to seize assets of the estate beyond what other creditors may seize. Personal Insurance If the insurance proceeds are payable to the designated beneficiary(ies) under the insurance….

Can the CRA seize the proceeds of life insurance? Continue Reading »

Estate Planning, Insurance, Tax Issues, US Taxes

ILIT – An Estate Planning Vehicle for the U.S. Person

An irrevocable life insurance trust (ILIT) is an estate planning vehicle worth some consideration for U.S. citizens living in Canada.  Many estate advisors are unaware that U.S. citizens subscribing to life insurance on their life will have the death benefits included in the value of their taxable estate for U.S. estate tax purposes.  An ILIT may provide an opportunity to avoid such an outcome. What is an ILIT? An ILIT….

ILIT – An Estate Planning Vehicle for the U.S. Person Continue Reading »

Canadian and US Tax Treaty, Estate Planning, Insurance, Succession Planning, Tax Issues, U.S. Citizen, US Taxes
Scroll to Top