How do I transfer the ownership of my policy?

You can transfer the ownership of your ivari insurance policy by completing a Notice of Transfer of Ownership form.

For all universal life policies, please contact your advisor who will assist you through this process. If you need help locating your advisor, please contact ivari Customer Service at 1-800-846-5970.

The fastest and easiest way to send us your completed and signed forms is through our online tool. By using this tool, forms are sent instantly!  Alternately, you can mail your completed forms to:

ivari
P.O. Box 4241, Station A
Toronto, ON M5W 5R3

If you need any help or require additional information, please contact your advisor or ivari Customer Service at 1-800-846-5970.

Please be advised that a transfer of ownership may have tax consequences depending on the Owner’s relationship as described in the Income Tax Act. If you need help understanding some of the terms used in the tax section of the form, you can find definitions below.

Definitions

What does it mean by arm’s length?

This type of relationship refers to a relationship between a non-related person as defined in the Income Tax Act section 251(1) and (2).

• For an individual, a non-related person can a person’s uncle, aunt, nephew and niece
• For a corporation, this means where one person or a group of related individuals has no controlling interest in the corporation. For example a shareholder that directly or indirectly controls < 50% of the corporation or between employee and employer with no controlling interest.

What does it mean by non-arm’s length?

This type of relationship refers to a relationship between related person as defined in the Income Tax Act section 251(1) and (2).

• For an individual, a related person means an immediate family member connected by blood, marriage/common-law, or adoption. This excludes uncles, aunts, nephews and nieces
• For a corporation, this means where one person or a group of related individuals has a controlling interest in the corporation. For example a shareholder that directly or indirectly controls 50% or more of the corporation.

For more clarification, please refer to the Income Tax Act sections mentioned above or contact your financial advisor.

What does it mean by “opting out from the Income Tax Act automatic rollover under subsection 148(8.1) or 148(8.2)”?

On a transfer of ownership transfer between current or former spouse/common-law, the Income Tax Act allows for an automatic rollover under the sections above which are considered tax deferred if the parties meet the specific requirements (one of them being that both of them have to be a Canadian resident).

In some cases, say when it involves a court order, one party may be required to pay an amount to the other. This is when the owners would typically opt out from the provision. If this occurs, they need to provide the amount exchanged between the parties.