10 October 2014 APFF Roundtable Q. 7, 2014-0538281C6 F - 2014 APFF Roundtable, Q. 7 - Insured annuity -- summary under Life Insurance Policy

Does CRA consider that when a taxpayer subscribes to an annuity contract and a life-insurance policy with the same insurer, are both contracts non-exempt life-insurance policies on the basis that they are separate policies? CRA responded (TaxInterpretations translation):

When an annuity contract and a life insurance policy are independent of each other, they will not be considered as one and the same contract…[even] if they were subscribed for with the same insurance company.

The fact that two contracts were not subscribed for simultaneously is an element which is taken into consideration…but this element does not by itself guarantee a conclusion that the two contracts are independent of each other.

Topics and taglines
Topic
Income Tax Act - s. 138(12) - Life Insurance Policy
Tagline
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
322414
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
342335
Extra import data
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