On May 25, 2005, significant changes took effect regarding Manitoba pensions, and the ability for the people who have transferred their pension monies into a LIF (Life Income Fund) or LRIF (Locked-In Retirement Income Fund) to “unlock” up to 50% of the balance in these accounts.
Let’s start at the beginning.  [...]

This article is aimed at insurance professionals, business owners who have corporate-owned insurance and potential purchasers of life insurance using a strategy which involves borrowing.
The Canada Revenue Agency (CRA) is currently conducting a review of the “exempt test” – the set of rules that determines whether or not a life insurance contract is tax exempt.  [...]

After the Society of Estate and Trust Practitioners (STEP) / CRA Roundtable on May 20th, 2010 a few follow-up items regarding RDSP’s were forwarded to CRA Headquarters.  The following responses were received from the Specialty Products Policy Section, Actuarial and Policy Division, Registered Plans Directorate.
1)       Would a financial institution be precluded from putting a restriction [...]

Read this column if you or someone you know was born in the US, holds a green card (work permit), travel to the US for an extended period in the winter, or have another close connection to America.
The American Internal Revenue Service (IRS) is more interested in you than ever.
We have written in the past [...]

We recently reviewed our home insurance, which includes not only the protection on our house for damage from fire or other disasters, but also coverage on the contents, and personal liability protection, in the event that someone should be hurt on our property or we are found negligent for third party property or bodily injury [...]