The taxpayer was assessed shareholder benefits because BBH Ltd. (of which he was also a direct shareholder) paid premiums in respect of insurance policies that insured his life and that of his spouse and for which the beneficiaries were his spouse and stepchildren.
Shareholder Benefits
Shareholder Benefits Can Lead to Double Taxation
Two taxpayers were reassessed, a corporation and its sole shareholder. The shareholder sold financial products and life insurance policies through his corporation although, for some provinces, he had to conduct business as a sole proprietor due to provincial regulations.