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capital dividend |
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Upon the death of a shareholder the corporation receives the proceeds and the funds are then credited to the corporation's capital dividend account. The final particularly attractive tax-planning point falls under subsection 89(1) of the income tax act which allows the amount of death proceeds received by a corporation in excess of the adjusted cost basis of the life policy to be credited to the corporation's capital dividend account. The payment will be a capital dividend under Canadian income tax rules. |
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