spring 2009

m E M B E R S H I P
Medical professional corporation may now own OMA group life insurance


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As of February 16, 2009 members applying for new OMA group life insurance coverage are able to choose between personal or corporate ownership of that plan. Members already insured under the OMA group life insurance plan can transfer ownership of their coverage to their Medicine Professional Corporation, if they wish to do so.

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As of February 16, 2009 members applying for new OMA group life insurance coverage are able to choose between personal or corporate ownership of that plan. Members already insured under the OMA group life insurance plan can transfer ownership of their coverage to their Medicine Professional Corporation, if they wish to do so.

Is it to your advantage (or not) to transfer the ownership of your OMA life insurance plan to your corporation?

The only way you can determine this is to have a discussion with your accountant or taxation specialist. In the meantime, please consider the following:

The main advantage of transferring ownership:

The premium may be paid from income generated by your corporation, which would be taxed at the corporate tax rate. If the corporation is eligible for the small business tax rate, this income is taxed at a lower rate than at your personal marginal tax rate; therefore, it will take less pre-tax income to pay the premium through your corporation.

The main disadvantage of corporate ownership:

A corporation who is a beneficiary of an insurance policy is not eligible for creditor protection under the Insurance Act that is afforded to spouse, child, grandchild or parent of a person whose life is insured.

Before deciding to have the corporation own the policy, you should always seek independent tax and estate planning advice.

If after speaking with your accountant or taxation specialist, you decide to transfer ownership of your OMA life insurance, please contact OMA Insurance to obtain the necessary transfer forms. Call (800)-758-1641 (choose Option 2) or visit the website  to obtain the forms and additional information.

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