Corporate-owned Permanent Insurance: Good Tax Shelter For Business Owners Despite New Law

On December 16, 2014, Bill C-43 “Economic Action Plan 2014 Act, No. 2” received Royal Assent, with provisions coming into effect on January 1, 2017. The legislation introduced changes that reduce tax-sheltering options to business owners looking to add a corporate-owned, tax-exempt, permanent insurance product to their portfolio. Despite the changes, can corporate-owned insurance remain a good tax shelter for business owners and will this unique product continue to play a...