Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Principal Issues: Do life insurance companies have an obligation to file T2SCH150?
Position: Yes.
Reasons: T2SCH150 is a prescribed form containing prescribed information.
CLHIA 2013 Roundtable Question 3
T2 Schedule 150
Do life insurance companies have the obligation to complete T2SCH150, Net Income (Loss) for Income Tax Purposes for Life Insurance Companies? What is CRA's administrative position? Is CRA comfortable if an insurance company completes T2SCH1 and T2SCH13 instead of T2SCH150?
CRA Response
Yes, life insurance companies have an obligation to complete T2SCH150. A T2SCH150 is a prescribed form that contains prescribed information that must be filed for each taxation year in accordance with subsection 150(1).
Beginning with the 2012 taxation year, life insurance companies will be required to file two copies of a completed T2SCH 150. One copy should be included with the T2 income tax return as previously required. A second copy is to be submitted to the following address:
Canada Revenue Agency
Industry Specialist Services
Large Business Audit Division, 6th Floor
344 Slater Street
Ottawa , Ontario
K1A 0L5
A completed T2SCH1 and T2SCH13 are not a substitute for a completed T2SCH150.
Prepared By: Margaret McCreery, Industry Specialist - Insurance
Bob Naufal
May 17, 2013
2013-047910
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