3 May 2005 Roundtable, 2005-0116681C6 - Transfer of Joint Last-to- Die Policy -- summary under Subsection 148(8)

The rollover is available where there is a joint-last-to-die policy on the life of a parent and child, and the policy is transferred to the child by virtue of the child being the named contingent owner of the policy within the meaning of s. 199(1) of the Insurance Act (Ontario) on the parent’s death, where the child is the only life insured under the policy at the time of the transfer.