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April 10, 2024
Question

How do I calculate the Adjusted Cost Basis of a foreign insurance policy?

  • April 10, 2024
  • 1 reply
  • 0 views
The policy is issued in Singapore and I am now living in Canada.

    1 reply

    TurboTaxSusan
    April 11, 2024

    You would need to calculate the Adjusted Cost Basis (ACB) using the method that the CRA has outlined, which you can read about here: https://laws-lois.justice.gc.ca/eng/acts/I-3.3/section-148.html