What happens to life insurance proceeds tax-wise if deposited into a banking account?

sorry loss.

assuming dealing personal owned life insurance policy, there no tax concerns if paid directly bene (yourself). if paid estate, you, forms part of estate, subject probate tax, net amount paid tax-free (or paid , estate find other funds cover probate). corporate owned policies flow through cda, , net proceeds tax-free estate

going forward, (bank account owner) taxed on investment earnings. of course, can minimize implementing tax advantages strategies such rrsp contribution, corporate class mutual funds, deposits exempt insurance policy, or paying off loans/debts.

my father passed away, , life insurance proceeds paid out. curious know potential tax implications ontario, canada depositing said proceeds bank account or savings account.

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