Author:
Canada | Publication | November 2019
We have recently reviewed redacted correspondence from the BCFSA (BC Financial Services Authority, formerly FICOM), the regulator of the Insurance Act, to a registered charity in British Columbia that advises that:
The letter goes on to direct that information be added to the charity’s website regarding the inability of BC residents to donate life insurance policies.
Certainly this is a matter of grave concern for charities and advisors, as gifts of life insurance policies are routinely considered in gift and estate planning discussions. We are aware that a number of organizations are reviewing the matter and considering submissions to the BCFSA on the issue. However, at the present time, charities should be aware of and consider the BCFSA’s position. At this time, we recommend charities in British Columbia remove information regarding donations of life insurance policies from their websites and suspend any discussions with potential donors of life insurance policies until more information is forthcoming.
Publication
The Alberta Court of Appeal released its strongly worded opinion declaring the federal Impact Assessment Act (the IAA) unconstitutional, an existential threat to Canada and a wrecking ball to constitutional rights and the economy.
Publication
Prior to May 15, 2021, Ontario corporate annual returns, required under the Ontario Corporations Information Act, were filed with the Canada Revenue Agency (CRA) as part of the annual T2 Corporation Income Tax Return.
Publication
In an effort to crack down on tax evasion, criminal activities, money laundering, corruption and terrorism financing, legislation has been introduced federally and in many Canadian provinces requiring that private corporations maintain a register of individual(s) who “significantly control” a corporation (a Register).
Subscribe and stay up to date with the latest legal news, information and events...
© Norton Rose Fulbright LLP 2021
