Federal Court Of Appeal Upholds Tax Court Of Canada's Decision On Life Insurer's Tax Reserves
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Federal Court Of Appeal Upholds Tax Court Of Canada's Decision On Life Insurer's Tax Reserves
On January 15, 2008, the Federal Court of Appeal upheld a decision by Justice Hershfield of the Tax Court of Canada, finding for the respondent, the National Life Assurance Company of Canada (National Life), in respect of policy reserves taken for its 1997 and 1998 taxation years. Now part of Industrial Alliance Insurance and Financial Services Inc., National Life, at the time, was a subsidiary of the company.
The Background At issue was one of National Life's segregated fund policies, UltraFlex, which offers the policyholder a choice of both fixed-term investments held in the company's general fund and variable investments held in i...See the full content of this document
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