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Corporate or Personally Owned Life Insurance
By Jeffrey (JP) McAvoy
| Published on
July 21, 2014
| Updated on
May 25, 2023
There may be substantial tax benefits to corporate owned life insurance that business owners need to consider. We always encourage our clients to speak with their Accountants and Financial Advisors in addition to their Insurance Provider when it comes to life insurance. In the 2012 federal budget there were proposed changes to the exempt test for life insurance policies that may create an influx of insurance proposals targeted to grandfathering the old preferential tax treatment to policies issued. We predict that many of the insurance proposals will involve corporate-owned life insurance which will require dealing with experienced professionals to ensure business owners needs are being met.
About the Author
JP is the Managing Partner of Conduct Law, a Business Law Firm with Offices in Ottawa, Ontario and Orlando, Florida. His legal practice is focused on business and business owners. Called to the bar in 2001, he received his LL.B and JD from Queen’s University in 1999. He represents a diverse range of clients throughout Canada, the United States, and Eastern Asia. In addition to practicing law, JP is a College Professor, Best-Selling Author and Host of the top rated podcast The Millionaire's Lawyer. JP's accomplishments earned him an Ottawa Business Journal Forty Under Forty Award. Read JP's full profile.
