A federal budget proposal to forbid insurers from using a contractual service margin as a deductible reserve for tax purposes could impose a one-time tax liability on the industry. International Financial Reporting Standard 17 (IFRS 17) will “substantially change the…
Editor’s Note: This story has been updated to include information from Insurance Bureau of Canada. The Liberal party’s campaign promise to include a higher surtax on the financial sector is one step closer to being implemented, which means higher taxes…