CIFPs: Tax & Budget 2012 Update
CIFPs: Tax & Budget 2012 Update
CIFPs: Tax & Budget 2012 Update
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<strong>Tax</strong>ation of Insurance Commissions<br />
- Advisors’ Own Policies<br />
2010 CALU CRA Roundtable<br />
• CRA asked to provide guidance<br />
• Situations or fact patterns<br />
• Apply Bilodeau vs. its administrative position<br />
• “the administrative position described in paragraph 27 of IT-<br />
470R would not apply where the amount of commission income<br />
was significant.”<br />
• CRA stated that its administrative position “is not intended to<br />
apply where the insurance was obtained for investment or<br />
business purposes.”<br />
<strong>2012</strong> CRA Technical Interpretation<br />
• Non-taxable policy does not apply to home & auto insurance
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