On September 16, 2016, the Department of Finance released proposed amendments to the Income Tax Act (Canada). Contained in that package are a series of proposed amendments to the rules in section 148 for determining the income tax consequences of the disposition of an interest in a life insurance policy.

View the proposed amendments here: http://www.fin.gc.ca/drleg-apl/2016/ita-lir-0916-eng.asp