Canadian income tax laws are extremely complex. For insurers, this complexity is compounded by the distinct nature of the insurance industry. Those involved in financial planning and taxation of insurance companies need to understand the unique tax rules that the industry faces.

 

Canadian Insurance Taxation, 3^rd Edition explains the particular regulatory requirements for each type of insurer and details the federal and provincial taxation of income from premiums, reserves and investments, and amounts due under sales and excise taxes. Throughout this book, charts and tables describe concepts clearly and efficiently.

 

This book will help you to:

• Identify potential tax problems
• Make better business decisions
• Be more effective when discussing insurance taxation matters

 

This book fulfills the need among professionals for a complete yet accessible guide to the intricacies of the insurance taxation field. Thirty-two chapters address the full range of taxation issues specific to insurance companies and policyholders.

 

Features and Benefits

• Explains how to compute taxable income, losses and reserves using a “two-track” structure to provide ready access to the rules as they apply to both life and non-life insurers
• Includes over 80 flowcharts and tables clarifying the operation of the various rules
• Reflects the existing and proposed tax and accounting rules as of November 28, 2008, along with previous tax regimes where they may still be relevant

 

New in This Edition

• The third edition incorporates all actual and proposed changes in legislation and regulation that have occurred over the last few years
• Critical updates to the taxation of investments and the computation of reserves necessitated by the adoption of fair value accounting for financial instruments that insurers must be aware of
• Sales and Excise Taxes have been substantially rewritten and includes proposed changes to the Goods and Services Tax/Harmonized Sales Tax legislation on the operation of allocation methods and imported taxable supplies
• A new chapter with an overview of Canada’s transfer pricing environment providing insights into transfer pricing methodologies available to insurers