Insurance

Total 35 Posts

Unjust Enrichment – The Supreme Court’s Naughty List

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They see you when you’re sleeping, they know when you’re awake. They’re ready to decide if you’ve been unjustly enriched, so be good for goodness sake. The Supreme Court of Canada is coming to town. The Supreme Court of Canada in their festive/ceremonial robes [Not pictured – Santa Claus]   On November 23rd, the Supreme Court of Canada released its decision in Moore v. Sweet, 2018 SCC 52. Back when this case….

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Contracts, Family Conflict, In the News, Insurance

Life Insurance and Contingent Ownership

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Ownership of assets into ‘joint tenancy with right of survivorship” is a mechanism of ownership transfer commonly used for estate planning to address such issues as probate fee and tax avoidance. Recently, this blog site very capably addressed the issues surrounding “joint tenancy” of life insurance in particular (“Life Insurance Joint Tenants” by Corina Weigl May 4, 2018), said issues to include partial loss of ownership and control over the….

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Estate Planning, Insurance, Investments, Joint Tenancy, Probate Tax, Property, Tax Issues, Uncategorized

Life Insurance Joint Tenants[1]

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I think it is fair to say that joint ownership of property[2] is one of the most commonly used strategies for property ownership in the context of developing an estate plan.  Like any form of partnership, there are many issues to consider in jointly owning property.  In the context of jointly owned life insurance, there are some specific nuances that must be addressed when dealing with jointly owned life insurance,….

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Insurance, Joint Tenancy

Transfer of corporate-owned life insurance

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It is not uncommon to see corporate owned life insurance transferred to a shareholder particularly when the company is being sold. The Canada Revenue Agency (CRA) was asked to comment on a set of facts and their response was no surprise given the relatively new rules in this area of the tax law. X owns 100% of Opco’s preferred shares that have a redemption value of $1 million, an adjusted….

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Canada Revenue Agency, Insurance, Tax Issues

Under what Circumstances can an Insurer Deny Payment of a Death Benefit to a Beneficiary under a Life Insurance Policy?

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Depending on the specific terms of an insurance contract, under certain conditions, an insurer may adjust a death benefit under a life insurance policy, or deny payment altogether. For example, if an insured person commits suicide within two years after the day the policy or coverage is issued or last reinstated, whether or not the person was sane when he or she committed suicide, the insurer will usually not pay….

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Insurance

Gift returned receipt required

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The Canada Revenue Agency was asked to speak to the implications of a gift return and their response included some commentary on the impact on the donor. The situation the CRA was asked to consider involved an individual taxpayer who, in 1981, gave a whole life insurance policy to a charitable foundation raising funds to support a specific college. The gift was made on the condition that the funds be….

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Canada Revenue Agency, Charitable Giving, Estate Donations, Executors, Insurance, Philanthropy/Charitable Giving, Tax Issues
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