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ARTICLE · 16 FEBRUARY 2022

Employee Life And Health Trust Conversion: The Final Steps

Lawson Lundell LLP
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In the 2018 budget, the Government of Canada announced its initiative to discontinue CRA policies regarding health and welfare trusts (HWTs) and require conversion of HWTs to employee life and health trusts (ELHTs).

CanadaEmployment and HR
Megan Kaneen
Megan Kaneen
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In the 2018 budget, the Government of Canada announced its initiative to discontinue CRA policies regarding health and welfare trusts (HWTs) and require conversion of HWTs to employee life and health trusts (ELHTs). The amendments to the Income Tax Act required to implement this initiative came into force on June 29, 2021. The deadline for conversion remains January 1, 2022, subject to an extension of time for deemed ELHTs.

This means:

  • HWTs that have not elected to be deemed ELHTs must have a conversion date of no later than January 1, 2022. They must notify CRA of conversion on or before the trust's first filing due date after 2021 (i.e. the first filing due date in 2022).

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