Important Dates for (Life Insurance) New Business and In Force Policy Changes

Effective January 1^st, 2017, the taxation of life insurance policies will change requiring a distinction of policies issued under the current (G2) or new (G3) tax rules.

In early October, we will be announcing changes and enhancements to our life insurance portfolio which will become effective on January 1^st, 2017 (and follow the G3 tax rules). We expect to have The Wave illustration software (version 33.0) with our updated suite of life insurance products available for download in early October, 2016 and be ready to accept applications for these new life insurance products at that time.

Changes to the Tax Exempt Test (701E)

Changes to the ACB and NCPI (702E)

Changes to the CDA (703E)

Grandfathering Rules for In Force Policies (704E)

MaximizerElite Case Study (706E)

Note: The information described here is general in nature and should not be construed as legal or tax advice. Each policyholder’s financial circumstances are unique and they must obtain and rely upon independent tax, accounting, legal and other advice concerning the structure of their insurance, as they deem appropriate for their particular circumstances. BMO Life Assurance Company does not provide any such advice to any policy owner or insurance advisor.

¹ YRT COI only
² Level COI only