Canada Life Bonds | How to | P1 Platform

Guide to setting up a Canada Life Bond on the P1 Platform

Canada Life Bonds

By partnering with Canada Life on the P1 Platform, you can access their highly acclaimed Premier Investment Bonds which boast a prestigious Defaqto Gold rating.

The Wealth Preservation Account offered by Canada Life is a novel solution when it comes to inheritance tax planning. This innovative product allows customers to potentially reduce their inheritance tax liability while retaining full access to trust assets through optional yearly payments. After seven years, the gifted assets are completely excluded from the estate, and any investment growth is shielded from inheritance tax from day one. Now, with the P1 Platform, advisers can seamlessly incorporate this powerful tool into their clients’ estate planning strategies, offering them peace of mind and the opportunity to preserve their wealth for future generations.

Full details on both products can be found here:

Account setup process

  • Adviser creates policy with Canada Life Investmets (CLI)
  • Adviser creates account on the P1 Platform
  • Account name: CLI policy number
  • Wrapper type: third party offshore bond
  • Scheme product: CLI offshore bond
  • Bank details: CLI’s bank details for withdrawals added
  • Adviser emails CLI to confirm:
    • <5 digit>-<P1 Platoform account reference>
    • “I can confirm that the account has been setup in the name of Canada Life International”

Account setup process

  • Adviser submits transfer instruction to CLI
  • Completes the investment administration form – to appoint Seccl as custodian
  • Completes the deal instruction – to confirm in-specie or cash
  • Provides a current valuation of the offshore bond
  • CLI review and accept the transfer instruction
  • CLI submit the transfer instruction to the ceding provider
  • Ceding provider reaches out to P1 Platform to process the transfer

A note on payments in and withdrawals:

Payments in will fall to the UiR process, as they will fail bank details validation checks by default. Any withdrawals instructed will go to Canada Life