tag:blogger.com,1999:blog-4402283548766807872.post3209250356809747306..comments2024-03-20T02:26:06.500-04:00Comments on The Blunt Bean Counter: For Income Tax, “If It Seems Too Good To Be True... It Probably Is.”The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-4402283548766807872.post-36112305339299947772012-06-15T12:00:45.769-04:002012-06-15T12:00:45.769-04:00Hey Jim, the CRA was not sucessful in attacking 10...Hey Jim, the CRA was not sucessful in attacking 10&8 plans because of their tactical approach in my humble opinion. The fact they still clearly do not like theae plans means we still do not recommend these plans.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-31730209916333100292012-06-14T17:36:46.608-04:002012-06-14T17:36:46.608-04:00Curious if you have any updates on 10/8 plans, now...Curious if you have any updates on 10/8 plans, now often 9/7?<br /><br />Apparaently no tax benefit from the personal loan with the collateralized corporate loan as the rate would be the same given the individual's asset - the company itself, which holds the policy...Jimnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-30000591605109768412011-09-06T11:10:27.566-04:002011-09-06T11:10:27.566-04:00Tom, the insurance industry has pushed the 10/8 in...Tom, the insurance industry has pushed the 10/8 insurance loans where you write off 10% interest and get a guaranteed 8% return tax deferred in an insurance policy. Although the insurance industry feels confident these plans work, the CRA has been reviewing them and I have not heard anything definitive.<br /><br />Also, where people have corporations, the insurance industry feels confident you can transfer certain personal policies that have a fair market value into a corporation with minimal or no income tax cost and then extract the fair market value free as a shareholder loan. While many feel these plans work, our firm has some concerns. <br /><br />That is about all I want to say at this moment, I may blog on these topics in the future, but am somewhat hesitant as I am not an insurance expert.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-5708072537033546952011-09-06T09:12:31.048-04:002011-09-06T09:12:31.048-04:00The $4-for-$1 charity offer certainly seems too go...The $4-for-$1 charity offer certainly seems too good to be true! Wow...<br /><br />What are these "insurance based products" that you refer to? I have seen some articles in the Globe & Mail describing ways of using life insurance policies that seem unusual to me - is this what you have in mind?Tomnoreply@blogger.com