CIFPs: Tax & Budget 2012 Update

Taxation of Insurance Commissions
- Advisors’ Own Policies
Bilodeau v. the Queen (2009 TCC 315)
• Two $1 million Transamerica Life UL policies
• Deducted $43,000 of commissions as an expense
Judge: $43,000 of commissions received was
taxable income
• “Had he not been a broker, he would not have
received that commission…he earned the
commission in issue as part of his professional
activities as a broker.”