Life Insurance Changes
Changes are soon coming to the tax treatment of life insurance policies at the end of 2016. If you are considering purchasing permanent life insurance, depending on your personal circumstances it may be beneficial to do so before January 1, 2017, so that the policy is "grandfathered" and the current, generally more favourable tax rules continue to apply. In some cases, however, it may be better to defer the purchase of the policy until 2017. We will discuss the changes and suggested recommendations below.