Canadian Insurance Taxation, 4th Edition
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Canadian Insurance Taxation, 4th Edition by tax experts Jason Swales and Erdem Erinc is the only book in the Canadian market that covers the tax rules that are unique to businesses in the insurance industry. Because it is written and reviewed by industry and technical tax experts, this volume bridges the substantive and applied aspects of insurance taxation and provides the insight that will enable those involved in the financial planning and taxation of insurance companies to identify potential tax problems, manage insurers' tax liabilities and ultimately make better business decisions.
In Canadian Insurance Taxation, 4th Edition, readers benefit from a full discussion of the range of taxation issues that are specific to insurance companies and policyholders, including the regulatory requirements for different types of insurers, the federal and provincial taxation of income from premiums, reserves and investments, and amounts due under sales and excise taxes.
This easy-to-use reference features a "Guide to Chapters" chart to assist readers in identifying which section examinestheir issue and clearly differentiates between content applicable to "all insurers," "life insurers" or "non-life insurers"in the table of contents and through well-marked tabs on every page. In addition, the authors use charts and tables todescribe concepts clearly and efficiently.
To help insurers keep up with an ever-changing and multi-faceted environment, this new edition of Canadian Insurance Taxation discusses several new topics and offers updated and expanded content to reflect legislative changes, in addition to case law and administrative developments. In particular, the fourth edition of the book includes:
- Updates to Chapter 5 on the taxation of investments to reflect the adoption of International Financial Reporting Standards (IFRS) and related legislation. In addition, the discussion of investments now reflects the broader range of investments undertaken by today's insurers;
- Changes to Chapters 6 and 17 to reflect the accounting changes on adoption of IFRS that affect the calculation of reserves
- Revisions to Chapters 10-13 dealing with the taxation of insurance products and policyholders to include legislative amendments announced in the 2012 and 2013 federal budgets and relating to the exempt test, policyholder taxation issues and leveraged insurance products;
- A single chapter on federal and provincial capital taxes (Chapter 20), given the elimination of capital taxes in many jurisdictions;
- An updated Chapter 25 on sales and excise taxes, revised to reflect the significant changes in the sales tax landscape as a result of sales tax harmonization in Ontario, Quebec and Prince Edward Island, British Columbia harmonization and subsequent reversion to a sales tax, the rules regarding selected listed financial institutions, Manitoba retail sales tax on insurance premiums and the GST/HST treatment applied to reinsurance from non-resident related party insurers;
- A re-written chapter dealing with accounting for income taxes (Chapter 28) to address the adoption of IFRS, and in particular International Accounting Standard (IAS) 12; and
- A revised chapter on transfer pricing (Chapter 29), with updates reflecting the continued rapid pace of change in the international arena, including key outcomes from various Canadian transfer pricing cases, new CRA transfer pricing memoranda, 2010 changes to the OECD transfer pricing guidelines, as well as expected changes to the Canadian transfer pricing environment under the OECD's Base Erosion and Profit Sharing (BEPS) agenda.
Of particular interest to
Canadian Insurance Taxation, 4th Edition will be a valuable resource for:
- Tax specialists who regularly practice in the insurance industry
- Taxation lawyers who offer strategic tax-planning advice to insurance companies
- Accountants who offer strategic tax-planning advice to insurance companies
- The staff and in-house libraries at tax-based agencies and organizations
- Law libraries and judicial libraries across Canada, and the tax courts in particular
Table of contents
Chapter 1: Insurance Corporations
Chapter 2: Taxation of Life Insurers: An Introduction
Chapter 3: Liability for Income Tax (Life)
Chapter 4: Income for Tax Purposes – General Rules (Life Insurers)
Chapter 5: Investment Income
Chapter 6: Reserves (Life Insurers)
Chapter 7: Investment Income from a Canadian Insurance Business (Life Insurers)
Chapter 8: Taxable Income and Income Tax (Life Insurers)
Chapter 9: Investment Income Tax (Life Insurers)
Chapter 10: The Taxation of Life Insurance Policies (Life Insurers)
Chapter 11: The Taxation of Annuities (Life Insurers)
Chapter 12: Other Tax Issues for Annuities and Life Insurance Policies (Life Insurers)
Chapter 13: Taxation of Segregated Funds (Life Insurers)
Chapter 14: Taxation of Non-Life Insurers: An Introduction
Chapter 15: Liability for Income Tax (Non-Life Insurers)
Chapter 16: Income for Tax Purposes: General Rules (Non-Life Insurers)
Chapter 17: Reserves (Non-Life Insurers)
Chapter 18: Investment Income from a Canadian Insurance Business (Non-Life Insurers)
Chapter 19: Taxable Income and Income Tax (Non-Life Insurers)
Chapter 20: Federal and Provincial Capital Taxes (Non-Life Insurers)
Chapter 21: Branch Tax
Chapter 22: Withholding Tax
Chapter 23: Ontario Corporate Minimum Tax
Chapter 24: Provincial Premium Taxes
Chapter 25: Sales and Excise Taxes
Chapter 26: Corporate Reorganizations and Sale of Shares
Chapter 27: Reinsurance
Chapter 28: Accounting for Income Taxes
Chapter 29: Canadian Transfer Pricing for Insurance
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