Life Insurance

Corporate Owned Life Insurance and the Impact of 2017 Tax Changes

by Deepak Jotwani on Sep 27, 2017

Life Insurance

Corporate owned life insurance on the life of an owner-manager can be an effective planning tool for Canadian- Controlled Private Corporations. The receipt of life insurance proceeds by a corporation can be used to: fund the buy out of a deceased shareholder’s interest; fund the tax liability owed by a deceased shareholder’s estate; or, offset the economic loss as a result of the death of a key employee. In addition, corporate owned life insurance may assist in securing bank financing.

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