Section 148

Subsection 148(1)

See Also

Andersen v. The Queen, 2020 TCC 51 (Informal Procedure)

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - General Concepts - Onus assessments vacated for failure to assume the policiers' ACB 286

Administrative Policy

7 October 2011 Roundtable, 2011-0408351C6 F - Honoraire d'évaluation d'une police d'assurance

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 148 - Subsection 148(9) - Adjusted Cost Basis - Element A valuing the FMV of acquired property not considered to be part of its cost 126

Subsection 148(2) - Deemed proceeds of disposition

Administrative Policy

19 March 1992 T.I. (Tax Window, No. 18, p. 21, ¶1822)

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

Paragraph 148(2)(e)

Subsection 148(4.01)

Subsection 148(7) - Disposition at non-arm’s length and similar cases

Administrative Policy

5 October 2018 APFF Financial Strategies and Instruments Roundtable Q. 1, 2018-0761521C6 F - Life insurance policy as share redempt. proceeds

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

14 May 2015 CLHIA Roundtable Q. 5, 2015-0573821C6 - Safe income

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 55 - Subsection 55(2) policy premiums reduce SIOH only if they do not increase CSV 374

14 May 2015 CLHIA Roundtable, 2015-0573841C6 - 2015 CLHIA Roundtable – Winding-up and ACB

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 69 - Subsection 69(5) s. 69(5) generally prevails over s. 1487 112

27 May 2009 External T.I. 2008-0303971E5 F - Transfer of a life insurance policy

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

5 June 2007 Internal T.I. 2007-0237291I7 F - Disposition d'une police d'assurance-vie

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

6 October 2006 Roundtable, 2006-0197211C6 F - Transfert de police d'ass-vie entre sociétés

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 15 - Subsection 15(1) s. 15(1) could apply to the individual shareholder of Aco and Bco where Aco transfers an insurance policy at an undervalue to Bco 163

21 November 1991 T.I. (Tax Window, No. 13, p. 20, ¶1607)

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

Articles

David Louis, Michael Goldberg, "Life Insurance: Exploring the Corporate Edge - Part II", Tax Topics No. 1682, June 3, 2004, p. 1.

Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 15 - Subsection 15(1) 18

Paragraph 148(7)(a)

Administrative Policy

6 October 2017 APFF Financial Strategies and Instruments Roundtable Q. 9, 2017-0705231C6 F - Gift of a Life Insurance Policy and Subrogated Own

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts - Paragraph (c) - Subparagraph (c)(i) - Clause (c)(i)(C) claim in terminal return for charitable gift made by estate under individual’s will 430
Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts - Paragraph (c) - Subparagraph (c)(i) - Clause (c)(i)(A) no guidance on whether designating a charity as a contingent policyholder generates a charitable credit 211

18 May 2017 Roundtable, 2017-0690331C6 - CLHIA Q2 Dividend in kind transfer of policy

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

7 June 2017 External T.I. 2016-0671731E5 F - Transfer of life insurance policy by dividend in kind

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 52 - Subsection 52(2) proceeds and cost of distributed life insurance policy determined under s. 148(7) rather than s. 52(2) 87

7 October 2016 APFF Financial Strategies and Instruments Roundtable Q. 3, 2016-0651761C6 F - Transfer of a Life Insurance Policy

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

Paragraph 148(7)(b)

Administrative Policy

14 May 2019 CLHIA Roundtable Q. 2, 2019-0799051C6 - 2019 CLHIA Roundtable - 148(7) questions

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(a) s. 6(1)(a) applied to transfer of life insurance policy to employee at an undervalue, notwithstanding the application of s. 148(7) 171

Subsection 148(8) - Idem [Disposition at non-arm’s length and similar cases]

Administrative Policy

8 May 2018 CALU Roundtable Q. 3, 2018-0745831C6 - Subsection 148(8) transfer

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

5 June 2013 External T.I. 2013-0481381E5 - Transfer of Life Insurance Policy

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

15 February 1995 External T.I. 9433865 - DISPOSITION OF LIFE INSURANCE POLICY ON DEATH

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

11 July 1989 T.I. (Dec. 89 Access Letter, ¶1059)

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

Subsection 148(8.1) - Inter vivos transfer to spouse

Administrative Policy

10 December 1992 Memorandum (Tax Window, No. 27, p. 8, ¶2339)

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 148 - Subsection 148(8.2) 40

Subsection 148(8.2) - Transfer to spouse at death

Administrative Policy

10 December 1992 Memorandum (Tax Window, No. 27, p. 8, ¶2339)

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 148 - Subsection 148(8.1) 26

Subsection 148(9) - Definitions

Adjusted Cost Basis

See Also

Kratochwil v. The Queen, 2012 DTC 1084 [at 2917], 2012 TCC 45

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

Administrative Policy

3 June 2014 External T.I. 2014-0524031E5 - Life insurance policy disposition

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

18 February 2014 External T.I. 2013-0515011E5 - Life insurance premiums and policy loan

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 148 - Subsection 148(9) - Proceeds of Disposition general discussion re corporate owned policy 192

19 September 2006 External T.I. 2006-0170861E5 F - Contrat de rente différé et perte courue

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Regulations - Regulation 307 - Subsection 307(1) - Paragraph 307(1)(b) overview of Reg. 307(1)(b) 235

23 March 1992 External T.I. 5-911717 -

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

12 November 1991 T.I. (Tax Window, No. 13, p. 5, ¶1592)

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

Element A

Administrative Policy

7 October 2011 Roundtable, 2011-0408351C6 F - Honoraire d'évaluation d'une police d'assurance

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Words and Phrases
cost
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 148 - Subsection 148(1) no deduction from gain for disposition expenses 110

4 May 2010 Roundtable, 2010-0359401C6 - Rebate Paid by an Advisor to a Policyholder

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 12 - Subsection 12(1) - Paragraph 12(1)(x) insurance policy premium rebate generally deductible by insurance advisor payor and included under s. 12(1)(x) in client’s income 108

Disposition

Administrative Policy

17 February 2016 External T.I. 2015-0608261E5 - Splitting of a Multiple Life Insurance Policy

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Words and Phrases
disposition
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 148 - Subsection 148(10) - Paragraph 148(10)(d) s. 148(10)(d) does not apply to the exercise of a right to split an insurance policy 256

25 February 2003 External T.I. 2002-0138895 - LOAN TO TERMINALLY ILL POLICYHOLDER

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

27 June 1994 Internal T.I. 9407976 - DEFERRED AND PRESCRIBED ANNUITY CONTRACTS

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

1 November 1994 Internal T.I. 94234170 F - CBR Assurance-vie

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition amending policy to reduce premiums and insured amount was not a disposition 56

31 January 1994 External T.I. 9336435 - DISABILITY BENEFIT AND GROUP INSURANCE POLICY

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

19 March 1992, T.I. 920085 (April 1993 Access Letter, p. 150, ¶C144-206)

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

9 March 1994 External T.I. 9333795 - MORTGAGE INSURANCE CASHBACK PROGRAM

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

Paragraph (d)

Administrative Policy

19 November 2009 External T.I. 2007-0257251E5 F - Assurance-vie

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Words and Phrases
operation of law
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 148 - Subsection 148(10) - Paragraph 148(10)(d) designation of a different beneficiary does not entail a disposition 132
Tax Topics - Income Tax Act - Section 15 - Subsection 15(1) s. 15(1) benefit where sub is policyholder and premium payer and parent is beneficiary – but not for reverse 223
Tax Topics - Income Tax Act - Section 89 - Subsection 89(1) - Capital Dividend Account - Paragraph (d) CDA addition to beneficiary not reduced by ACB of policy to the different policyholder - but s. 246(1) or 245(2) germane 195

Paragraph (h)

Administrative Policy

30 November 2006 External T.I. 2006-0191541E5 F - Primes d'assurance-vie et d'assurance-invalidité

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(e.2) premiums on life insurance policy required by lender deductible even though loan government-guaranteed, but premiums on lender-required disability policy not deductible 163
Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(b) - Capital Expenditure v. Expense - Financing Expenditures premiums on disability policy required by lender are capital expenditures 80
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(e.1) guarantee fee does not include premiums on lender-required insurance policy 75
Tax Topics - Income Tax Act - Section 148 - Subsection 148(9) - Disposition - Paragraph (j) tax free receipt of life insurance proceeds by lender on policy required by it of the borrower 44

Paragraph (j)

Administrative Policy

8 July 2020 CALU Roundtable Q. 2, 2020-0842141C6 - Return of premiums on death & CDA

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 89 - Subsection 89(1) - Capital Dividend Account - Paragraph (d) a refund of premiums on death under a life insurance policy can increase the CDA of the corporate owner 262

30 November 2006 External T.I. 2006-0191541E5 F - Primes d'assurance-vie et d'assurance-invalidité

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(e.2) premiums on life insurance policy required by lender deductible even though loan government-guaranteed, but premiums on lender-required disability policy not deductible 163
Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(b) - Capital Expenditure v. Expense - Financing Expenditures premiums on disability policy required by lender are capital expenditures 80
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(e.1) guarantee fee does not include premiums on lender-required insurance policy 75
Tax Topics - Income Tax Act - Section 148 - Subsection 148(9) - Disposition - Paragraph (h) tax free receipt of disability insurance proceeds by lender on policy required by it of the borrower 44

Policy Loan

Administrative Policy

3 July 1991 T.I. (Tax Window, No. 5, p. 15, ¶1333)

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.

Proceeds of Disposition

Administrative Policy

18 February 2014 External T.I. 2013-0515011E5 - Life insurance premiums and policy loan

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 148 - Subsection 148(9) - Adjusted Cost Basis general discussion re corporate owned policy 194

9 July 2012 External T.I. 2012-0438751E5 F - Police d'assurance-vie

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 237 - Subsection 237(1.1) provision of SIN by holder of matured policy to insurer is required 92

Subsection 148(10)

Paragraph 148(10)(d)

Administrative Policy

17 February 2016 External T.I. 2015-0608261E5 - Splitting of a Multiple Life Insurance Policy

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 148 - Subsection 148(9) - Disposition disposition where change going to root of policy 67

19 November 2009 External T.I. 2007-0257251E5 F - Assurance-vie

The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 148 - Subsection 148(9) - Disposition - Paragraph (d) disposition by operation of law if there is a new contract 162
Tax Topics - Income Tax Act - Section 15 - Subsection 15(1) s. 15(1) benefit where sub is policyholder and premium payer and parent is beneficiary – but not for reverse 223
Tax Topics - Income Tax Act - Section 89 - Subsection 89(1) - Capital Dividend Account - Paragraph (d) CDA addition to beneficiary not reduced by ACB of policy to the different policyholder - but s. 246(1) or 245(2) germane 195