The Conference for Advanced Life Underwriting (CALU) has announced that industry veteran, Barry Pascal is the newly elected CALU board chair for the 2021-2022 term.

Pascal, a CALU member since its inception – the organization celebrates its 30th year in 2022 – says the organization going forward will continue to focus on its tradition of providing members with advanced education and training while also engaging with governments to advocate for tax fairness and other public policy matters affecting clients and business owners.

With more than 38 years of experience in the advanced insurance and financial advisory industry, Pascal, a partner at Bell Pascal Insurance Services in Montreal, says CALU’s tradition of advocating for sound public policy that protects the financial health of Canadians and promotes economic growth is particularly critical today. “We are at a crossroads with the pandemic,” he said. “Our government will be making policy decisions that will affect Canadians for years to come.” 

Fairness in taxation matters 

“Entrepreneurs are not just the story of business and not just the story of our economy, they’re the story of the recovery,” he told Insurance Portal in an interview. “We want to be a support for our clients. On the taxation side, as you know, we’ve been very vocal on the matter related to the tax rules on intra-family transfer of shares. We want there to be a level playing field so when families sell a business, there is no incentive for them to go outside of the family. Whether they leave it to family members, sell it to a family member or sell it to a third party, we just want it to be a level playing field.”

Tax law developments 

Although the matter wasn’t included in the last federal budget, he adds that it is still on the radar with policy makers. “Our role is to be a resource to lawmakers, and to be able to answer their questions and help try to influence policy in a positive way. Sometimes this can happen quickly. Sometimes it’s a patience game.” 

He says private member’s bill C-208, an act to amend the Income Tax Act (transfer of small business or family farm or fishing corporation) which addresses this particular imbalance, has currently reached its third reading in the House of Commons. “We have made great progress on this and we’re hopeful.” Pascal adds. “It’s very important that we do everything that we can to support our clients and the business families of this country.” 

Long term care a new focus for the organization  

CALU says Pascal and the CALU board will also be focused on the country’s approach to long term care going forward. “The demographics are there. As we age as a population, the burden on the public system is going to be far too great. We want to make sure that there are products and legislation to support our ability to supplement those needs,” he adds. 

Recruitment, diversity and ongoing education remain priorities  

Ongoing priorities set by previous CALU chairs continue to be a priority for the new chair, as well. “We want to encourage new membership. We want to encourage young members in the industry. We want to encourage female members in the industry and diversity,” he says. “I have a passion for learning and training and the quality of advice. We’re going to provide our members and continue to provide our members with advanced information to elevate the quality of the advice that they can offer their clients.”