2022 Budget confirms tax treatment for contract service margin set out in IFRS 17

By Darcy Ammerman and Tayler Farrell ( April 26, 2022, 3:04 PM EDT) -- On April 7, the federal government released the 2022 Budget (the budget), confirming plans to adopt International Financial Reporting Standard 17 (IFRS 17), the international accounting standard relating to insurance contracts. (See Department of Finance Canada, Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable, Cat No.:1719-7740, p. 210. [Budget 2022])....