Kratochwil v. The Queen, 2012 DTC 1084 [at at 2917], 2012 TCC 45 -- summary under Adjusted Cost Basis

The taxpayer, upon redemption of his life insurance policy, was unsuccessful in asserting that his adjusted cost basis was equal to the entire $127,368 he had paid in premiums under the policy to date. The taxpayer had failed to take into account that a considerable portion of his premiums had gone towards covering a $300,000 death benefit over the period in which he was insured.